While the US dollar index reached its highest levels since November 2020, the Bitcoin (BTC) price fell below $ 49,000 today.
Rising rates and the prospect of a potential stock market summit have put downward pressure on stocks and Bitcoin, causing the entire cryptocurrency market to retreat.
Is increasing treasury returns posing the biggest threat to Bitcoin?
Overall, Bitcoin and risky assets have been heavily affected by the soaring 10-year treasury yield rates in the US. As a result, the global macro landscape has deteriorated.
Three Arrows Capital CEO Kyle Davies said he doesn't care about the odds outlook, but if odds don't change, everyone will leave, and if odds rise, everyone will go back to the pitch.
According to Bloomberg, the US stock market, and especially the S&P 500 index, has already erased all the gains from 2021.
The scenario of the risky market correcting or continuing to consolidate could have a negative impact on Bitcoin's price in the near term.
Scott Melker, a cryptocurrency trader, stated that Bitcoin is likely to fall into a range, and that there is a significant selling pressure, a large number of buyer demands, which puts it in a narrow range.
Stating that there was probably a range entered at this point and there were too many sales at the top and too many purchases at the bottom, the trader pointed out that it is nice to see a clear transition from supply to demand here.
If the bond yield curve does not relax in the foreseeable future, the threat to the short-term trend of the Bitcoin price is likely to continue.
Is the BTC price falling?
High Stakes Capital, one of the top investors in FTX, said that Bitcoin has remained in the same position for a long time and accumulation in COINBASE Pro continues, although its outlook remains in a downward trend.
Exit from Coinbase Pro has continued to increase over the past week. While this trend shows that institutional Bitcoin accumulation continues in the US, the investor stated in a forum that there is a macro risk, BTC can be followed if the stocks are correct, and Coinbase Pro is still accumulating at this level.
Despite the stagnant market structure, various fundamental metrics and on-chain indicators show that BTC / USD is in bullish trajectory as Bitcoin has increased nearly 100%, unlike stocks that erased 2021 earnings.
Especially in the US, institutions that accumulate Bitcoin are less likely to drop below key support levels such as $ 30,000 and $ 40,000 for BTC.
In the near term, the $ 52,000 resistance level remains the key for further bullishness, while in the near term, the $ 52,000 resistance level appears to be less likely during this ongoing bullish cycle, unlike previous bullish cycles. If BTC breaks this, it signals a resumption in the bullish market structure, thus increasing the likelihood of another large rally.
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Or is Bitcoin a Bubble?
https://www.publish0x.com/crypto-money-breaking-news/or-is-bitcoin-a-bubble-xqkdowl
