Bitcoin Appears to be Consolidating After Resistance over $80k
Dow Jones09-10 23:10
1110 ET - Bitcoin's recent rally tested levels above the $80,000 mark, but it appears it's now in a consolidation phase. The cryptocurrency briefly dropped under $77k after the August PPI came in as expected, but has pared its losses since and is currently trading down 1.3% at $77,289. With more inflation data to come on Friday, and yields rising ahead of the FOMC meeting next week, investors are reluctant to put too much faith in crypto, says analysts with Glassnode in a note. "The bond market bitcoin is rallying into remains restrictive," says the firm. Bitcoin isn't expected to retest new lows for the year, with signals suggesting that the bottom is in, according to Glassnode.
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