Resilient Bitcoin defies interest rate pressures and technical resistance
The post Resilient Bitcoin defies interest rate pressures and technical resistance appeared on BitcoinEthereumNews.com. Quick Take In a striking reversal from the start of the week, CryptoSlate reports a resurgence of Bitcoin, which was grappling beneath key technical levels but has since ascended above them. This recovery is significant, given the substantial resistance observed near $28,000, a level influenced by the 200-week, 200-day, and 111-day moving averages and the short-term holder’s realized price. Technical Pricing Model: (Source: Glassnode) The rebound is even more noteworthy considering the imminent 5% benchmark of the US10Y, a critical yield that sets the global interest rate benchmark. This key indicator is gearing up to hit levels unseen since before the 2007 financial crisis, entailing a tightening economic environment and adding pressure on risk assets like Bitcoin. US10Y and US02Y: (Source: Trading View) Amplifying these developments is the US02Y yield, which has cleared the 2006 peak at 5.253% and recorded its highest level since 2000. The post Resilient Bitcoin defies interest rate pressures and technical resistance appeared first on CryptoSlate. Source: https://cryptoslate.com/insights/resilient-bitcoin-defies-interest-rate-pressures-and-technical-resistance/
The post Resilient Bitcoin defies interest rate pressures and technical resistance appeared on BitcoinEthereumNews.com.
Quick Take In a striking reversal from the start of the week, CryptoSlate reports a resurgence of Bitcoin, which was grappling beneath key technical levels but has since ascended above them. This recovery is significant, given the substantial resistance observed near $28,000, a level influenced by the 200-week, 200-day, and 111-day moving averages and the short-term holder’s realized price. Technical Pricing Model: (Source: Glassnode) The rebound is even more noteworthy considering the imminent 5% benchmark of the US10Y, a critical yield that sets the global interest rate benchmark. This key indicator is gearing up to hit levels unseen since before the 2007 financial crisis, entailing a tightening economic environment and adding pressure on risk assets like Bitcoin. US10Y and US02Y: (Source: Trading View) Amplifying these developments is the US02Y yield, which has cleared the 2006 peak at 5.253% and recorded its highest level since 2000. The post Resilient Bitcoin defies interest rate pressures and technical resistance appeared first on CryptoSlate. Source: https://cryptoslate.com/insights/resilient-bitcoin-defies-interest-rate-pressures-and-technical-resistance/
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