Bitcoin Demonstrates Resilience but Struggles to Rise Above $87,000
Dow Jones
Yesterday
1138 GMT - Bitcoin is showing resilience, along with other risky assets, to recent major headwinds, Block Scholes analyst Thahbib Rahman says in a note. The U.S. Senate's failure to advance the Clarity Act crypto regulation bill and the Federal Reserve's decision to raise interest rates in September have failed to meaningfully weaken bitcoin, he says. However, bitcoin has struggled to sustain levels above $87,000, making it a key resistance level, he says. Spot bitcoin exchange traded funds demand has also eased slightly. Still, investors are maintaining a positive bias and "as long as geopolitical tensions do not escalate and interest rate hike expectations remain subdued, markets could remain in risk-on mode." Bitcoin rises 0.6% to $86,270, LSEG data show.
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.