Bitcoin Holds Its Ground Above $86,000

Dow Jones08:37

0037 GMT - Bitcoin rises in early Asia trade, staying around 8-month highs above $86,000. A sustained break above that line would signal a more solid recovery after several false starts. Bitcoin's gains this month stand at around 10%--far below August's rally but still notable as they have come despite a recent Fed rate increase. The cryptocurrency has recovered more than 14% since the hike, showing greater resilience in a restrictive monetary environment, says Antonio Di Giacomo at XS.com. Support is coming from easing oil prices that have partially tamed inflation concerns, moderating Treasury yields and institutional capital inflows, he says. Still, risks remain, with the $87,500 area representing the first major resistance, followed by the $90,000 psychological barrier. Bitcoin rises 0.3% to $86,482.

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