Bitcoin Update:
US Inflation Pressures Bitcoin.
Inflation came in higher than expected, with the CPI registering around 0.4% and core inflation at 0.3%, reinforcing the likelihood that the Fed will continue its high interest rate policy.
The result: Higher US Treasury yields. A rebound in the dollar index. Pressure on Bitcoin and altcoins, with liquidity flowing out of ETFs.
Levels to watch:
Dollar (DXY): 102.30.
2-year yield: 4.68%.
10-year yield: 4.90%.
Bitcoin:
A return to $75,500 is needed to support the possibility of a rebound.
The most important date:
The Fed's decision on December 9th.
Conclusion:
The current outlook for Bitcoin is negative in the short term, and continued pressure depends on the dollar and yields rising.
A decline in these could open the door for a market rebound.
#BinancePick
US Inflation Pressures Bitcoin.
Inflation came in higher than expected, with the CPI registering around 0.4% and core inflation at 0.3%, reinforcing the likelihood that the Fed will continue its high interest rate policy.
The result: Higher US Treasury yields. A rebound in the dollar index. Pressure on Bitcoin and altcoins, with liquidity flowing out of ETFs.
Levels to watch:
Dollar (DXY): 102.30.
2-year yield: 4.68%.
10-year yield: 4.90%.
Bitcoin:
A return to $75,500 is needed to support the possibility of a rebound.
The most important date:
The Fed's decision on December 9th.
Conclusion:
The current outlook for Bitcoin is negative in the short term, and continued pressure depends on the dollar and yields rising.
A decline in these could open the door for a market rebound.
#BinancePick
