Bitcoin is pumping again, and there are a few factors behind the move.
The biggest catalyst is the shift in the US macro backdrop.
The latest inflation data came in softer than expected, reducing expectations for another Fed rate hike in October and giving risk assets some breathing room.
Treasury yields have also pulled back from their recent highs, which is helping improve the broader liquidity environment.
Then there’s the positioning.
Bitcoin breaking back above $85K has triggered a wave of short liquidations, with around $102M in crypto short positions wiped out over the past 24 hours.
That forced buying is adding further momentum to the move.
$BTC #BTC #EthereumFoundationLaunchesZkAPIOnMainnet #EvernorthPlansNasdaqListingOct8
The biggest catalyst is the shift in the US macro backdrop.
The latest inflation data came in softer than expected, reducing expectations for another Fed rate hike in October and giving risk assets some breathing room.
Treasury yields have also pulled back from their recent highs, which is helping improve the broader liquidity environment.
Then there’s the positioning.
Bitcoin breaking back above $85K has triggered a wave of short liquidations, with around $102M in crypto short positions wiped out over the past 24 hours.
That forced buying is adding further momentum to the move.
$BTC #BTC #EthereumFoundationLaunchesZkAPIOnMainnet #EvernorthPlansNasdaqListingOct8
