A closely watched technical indicator could suggest that Bitcoin is vulnerable to paring gains.
Bitcoin and other cryptocurrencies were little changed Monday, holding firm at elevated levels near the peak of a recent rally. However, one technical indicator is flashing and could suggest prices may be vulnerable to retracing some gains.
Like the Dow Jones Industrial Average and S&P 500, Bitcoin is likely to react to macroeconomic data this week that could shift the needle on the outlook for interest rates, as borrowing costs play an important role in demand for risk-sensitive assets. “The wider financial market seems to hold optimism for the U.S. CPI and retail sales to indicate slowing inflation and demands this week, and if they do, Bitcoin could test $38,000,” said Yuya Hasegawa, an analyst at crypto exchange Bitbank.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hackers claim to have compromised bankrupt Bitcoin ATM firm Coin Cloud: ReportThe hacker claims to have stolen selfies and sensitive personal data belonging to tens of thousands of customers from the U.S. and Brazil.
Read more »
Thousands pack San Francisco Chinatown Night Market ahead of APECThe global spotlight will be on San Francisco for APEC, and Chinatown wants to showcase its culture and community to the world.
Read more »
Sony LinkBuds S Wireless Earbuds on Sale Ahead of Black FridayToday’s deals include the Sony LinkBuds S, Nanoleaf Lines smart wall lights, Samsung Galaxy S23 Ultra, and more.
Read more »
Lane Kiffin: Kirby Smart Quiet in Group Chat Ahead of Ole Miss-GeorgiaSmart and Kiffin previously spent time together on Nick Saban's coaching staff at Alabama and still stay in touch via a group chat.
Read more »
CBS Mornings Deals: Get the Solawave Skincare Wand for 53% off ahead of the holidaysShop more deals.
Read more »
What Happens to Ezra Miller Now After 'The Flash'?Considering the controversy surrounding Ezra Miller, what lies ahead for the DCU's speedster?
Read more »