Bitcoin Ticks Higher but Macro Backdrop Caps Gains
Dow Jones
5 hours ago
0434 GMT - Bitcoin ticks higher in the Asian trading session but stays around the $77,000 area as high bond yields and rate expectations keep $80,000 out of reach. With sovereign yields setting new cycle highs and ETF turnover subdued, the market has settled into a well-defined trading range, Glassnode says. After the mid-August short squeeze and a brief wave of euphoria that pushed Bitcoin above $80,000, it has met steady supply and turned lower, triggering a sequence of long liquidations, Glassnode adds. Nic Puckrin, cross-asset analyst and founder of Coin Bureau, says Friday's jobs report could be the next catalyst. If the labor market looks strong, that would confirm fears of rate increases, which tend to be bad news for Bitcoin, he says. Bitcoin up 0.3% at $77,616.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.