2023-10-19 12:55 |
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.
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