Today, $BTC got a setup that “should theoretically go up”:
WTI briefly fell about 1.7%, while the market put the odds of the Fed pausing rate hikes in October at around 80%. On the latest full trading day, U.S. spot BTC ETFs also saw net inflows of $189.9 million. Yet after BTC approached $87,000, it still retreated to around $86,000.
The problem isn’t a lack of buyers. The market still has a heavier anchor: the U.S. 10-year Treasury yield remains around 5.27%, while the 2-year yield is about 4.80%. The short end is pricing in a pause in rate hikes; the long end is still demanding a premium for debt, inflation, and energy risks.
The Fed not raising rates doesn’t mean money is already cheap. For now, $BTC still hasn’t been able to break above $87,000.
A truly strong market is one where Treasuries aren’t cooperating, but BTC can still stay above 87,000.
#BTC #FOMC
WTI briefly fell about 1.7%, while the market put the odds of the Fed pausing rate hikes in October at around 80%. On the latest full trading day, U.S. spot BTC ETFs also saw net inflows of $189.9 million. Yet after BTC approached $87,000, it still retreated to around $86,000.
The problem isn’t a lack of buyers. The market still has a heavier anchor: the U.S. 10-year Treasury yield remains around 5.27%, while the 2-year yield is about 4.80%. The short end is pricing in a pause in rate hikes; the long end is still demanding a premium for debt, inflation, and energy risks.
The Fed not raising rates doesn’t mean money is already cheap. For now, $BTC still hasn’t been able to break above $87,000.
A truly strong market is one where Treasuries aren’t cooperating, but BTC can still stay above 87,000.
#BTC #FOMC
