When analyzing the recent price movement of bitcoin, it is essential to consider various factors that could have contributed to today’s action. Bitcoin had been on a steady rise since dropping to just under $60,000 eleven days ago, so a slight reversal was anticipated. Additionally, there has been a noticeable increase in interest rates across Western economies, with both the U.S. 10-year Treasury yield and the German 10-year Bund yield experiencing 10 basis point gains on Monday.
Higher interest rates can often exert downward pressure on prices of risk assets, and bitcoin is no exception. As a result, these rate hikes may have played a role in the recent dip in bitcoin’s price. It is crucial for investors to monitor these economic indicators closely, as they can have a significant impact on the cryptocurrency market.
