Bitcoin Cools Under Pressure but Stays Above Key Support
Dow Jones
Yesterday
0355 GMT - Bitcoin declines in the Asian session, dropping further below $84,000 as a combination of high yields, geopolitical uncertainty and rate-hike expectations pressure cryptocurrencies. Bitcoin is struggling to make its next move up after August's comeback, though it is still trading at much stronger levels than over the summer, when it languished in the $60,000 zone. That extended period of consolidation has helped the digital currency build sufficient upside momentum for a surge higher--a move that wiped out shorts and provided a basis for fresh buying, says David Morrison at Trade Nation. "If it can hold and consolidate above $80,000 then this would help to build bullish sentiment," the senior market analyst says. Bitcoin falls 0.3% to $83,362, LSEG data show.
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