$BTC stuck under $78K. Even oil at $100 a barrel is dragging it down.
Bitcoin spiked to $82,300 last week, then gave almost all of it back. It has been glued near $78,300 for two days straight now.
Two things are doing the damage. Fed governor Kevin Warsh downplayed cooling inflation data at Jackson Hole, so traders pushed back their rate cut bets ahead of the September Fed decision. On top of that, oil just broke $100 a barrel and Asian tech stocks are selling off hard, Hong Kong's tech gauge slipped under 25,000 today. When yields rise and stocks wobble, Bitcoin usually feels it first.
Here is what people keep missing. ETF flows are not cleanly bearish. One week brought in $731M, the next saw almost $400M leave. That is not an exit, that is confusion.
I am watching whether $BTC holds $77,700 or breaks it clean. What is your read, adding here or waiting for the Fed?
Not financial advice, DYOR.
#OilAbove100 #BTC #Bitcoin #Crypto #Trading
Bitcoin spiked to $82,300 last week, then gave almost all of it back. It has been glued near $78,300 for two days straight now.
Two things are doing the damage. Fed governor Kevin Warsh downplayed cooling inflation data at Jackson Hole, so traders pushed back their rate cut bets ahead of the September Fed decision. On top of that, oil just broke $100 a barrel and Asian tech stocks are selling off hard, Hong Kong's tech gauge slipped under 25,000 today. When yields rise and stocks wobble, Bitcoin usually feels it first.
Here is what people keep missing. ETF flows are not cleanly bearish. One week brought in $731M, the next saw almost $400M leave. That is not an exit, that is confusion.
I am watching whether $BTC holds $77,700 or breaks it clean. What is your read, adding here or waiting for the Fed?
Not financial advice, DYOR.
#OilAbove100 #BTC #Bitcoin #Crypto #Trading
