Bitcoin tests its local trend as bond yields fall sharply
U.S. bond yields dropped sharply ahead of the opening of the New York Stock Exchange on Thursday, according to Cointelegraph. Meanwhile, Bitcoin attempted to maintain a local trend in which higher lows form compared to its previous lows.
• The decline in yields coincided with the start of U.S. trading.
• Bitcoin’s price action showed an attempt to hold the trend, not confirmation that it will continue.
💧 Impact on the market and liquidity: The synchronization of Bitcoin’s move and bond yields puts the two under traders’ scrutiny, but the available data does not prove a causal link or a flow of liquidity into the crypto market.
🎯 Most affected: Bitcoin
Source: Cointelegraph
$BTC #Bitcoin #Crypto
U.S. bond yields dropped sharply ahead of the opening of the New York Stock Exchange on Thursday, according to Cointelegraph. Meanwhile, Bitcoin attempted to maintain a local trend in which higher lows form compared to its previous lows.
• The decline in yields coincided with the start of U.S. trading.
• Bitcoin’s price action showed an attempt to hold the trend, not confirmation that it will continue.
💧 Impact on the market and liquidity: The synchronization of Bitcoin’s move and bond yields puts the two under traders’ scrutiny, but the available data does not prove a causal link or a flow of liquidity into the crypto market.
🎯 Most affected: Bitcoin
Source: Cointelegraph
$BTC #Bitcoin #Crypto