Saturday, June 3rd, 2023

Bitcoin is getting cheaper due to risk avoidance

On Tuesday, October 5, trading ended with the growth of the BTC/USD pair. Bitcoin rose against the dollar by 4.56% to $51471. The share of bitcoin over the past three days has risen by 4.76%, to 44.02%. The cue ball receives support from crosses, in which bitcoin is bought for altos.

The BTC/USD pair rose to $51886. Buyers were active by the close of the day. The growth of quotations resumed against the background of the recovery of US stock indices after the fall on Monday, as well as the published review on the crypt by Bank of America Corp (NYSE:BAC).

On Tuesday, October 6, futures on US indices went into the “red” zone.

Markets continue to struggle with rising yields on US government bonds, fear a sharp rise in inflation amid the energy crisis and supply problems. The price of gas has jumped to almost $1,600 per cubic meter. Plus, investors are draining US bonds for fear of default due to the US national debt.

On Wednesday, October 6, the dollar is getting more expensive on all fronts. During European trading, the bitcoin exchange rate fell from $51,828 to $50,402. Ether has fallen in price from $3,545 to $3,354. The markets are now volatile, as Congress is slow with the debt ceiling, there are problems with development companies in China, and technology companies are selling shares in the United States. As a result, the dollar acted as a protective asset. Problems in the US, and the dollar is a protective asset?! That’s right, since all debts are in dollars.

The target remains around $55k. It will be achieved if the US labor market report for September disappoints investors on Friday. In this case, the Fed may postpone the reduction of QE to December or even to the beginning of the year. The support is the $49750 level. If sellers demolish it, then bitcoin will quickly be at the level of $ 49 thousand. It will be difficult to get up from here, as a bearish takeover will form in the next few days.