Bitcoin’s Resilience Amidst Rate Hikes and Bond Market Movements
- The CLARITY Act failed in the Senate on September 15, followed by a Federal Reserve rate hike to between 3.75% and 4.00%.
- Bitcoin briefly traded below $75,000 but rose above $87,000 within a week.
- On September 23, the US Treasury yield increased by over 18 basis points, reaching levels not seen since April and May of previous years.
- Spot Bitcoin ETFs saw significant inflows of $2.39 billion in the week ending September 25, marking their largest weekly intake since October of a previous year.
- The Bitcoin price broke above the $70,000 level on August and consolidated near $80,000 before moving higher again recently.
Bitcoin demonstrated resilience despite pressures from a failed legislative act and rising bond yields that affected market dynamics. The cryptocurrency’s price movement was influenced by broader economic factors like Treasury yield increases and ETF flows.
As long as Bitcoin maintains support around the $80,000 mark, its structure remains constructive despite recent pullbacks from highs above $87,000.Source
