This morning it broke below 82,000, and tonight it climbed back above 84,000 — Bitcoin made a full round trip today.
During the Asia session, it was hit hardest, dropping to around 81,000, triggered by a broad sell-off in Asia-Pacific stocks, with South Korea’s benchmark index briefly falling more than 7% intraday and triggering a circuit breaker. By evening, international oil prices had first moved lower, with U.S. crude breaking below $92, the dollar and U.S. Treasury yields easing as well, and Bitcoin followed that path back up.
But the pressure has not eased. U.S. spot Bitcoin ETFs saw net outflows of about $386 million in the first seven trading days of October; across the entire crypto market, roughly $812 million in liquidations occurred over the past 24 hours, more than 80% of which were long positions. The U.S. 30-year Treasury yield is still around 5.7%, a near-20-year high.
Tomorrow, the U.S. September CPI is coming out, which is the last major variable this week.
Do you think tonight’s rebound was just short covering, or is someone really buying the dip? $BTC #Bitcoin
During the Asia session, it was hit hardest, dropping to around 81,000, triggered by a broad sell-off in Asia-Pacific stocks, with South Korea’s benchmark index briefly falling more than 7% intraday and triggering a circuit breaker. By evening, international oil prices had first moved lower, with U.S. crude breaking below $92, the dollar and U.S. Treasury yields easing as well, and Bitcoin followed that path back up.
But the pressure has not eased. U.S. spot Bitcoin ETFs saw net outflows of about $386 million in the first seven trading days of October; across the entire crypto market, roughly $812 million in liquidations occurred over the past 24 hours, more than 80% of which were long positions. The U.S. 30-year Treasury yield is still around 5.7%, a near-20-year high.
Tomorrow, the U.S. September CPI is coming out, which is the last major variable this week.
Do you think tonight’s rebound was just short covering, or is someone really buying the dip? $BTC #Bitcoin