Bitcoin Gains Remain Limited Amid U.S. Rate-Rise Expectations, ETF Outflows — Market Talk
Bitcoin rises marginally as Treasury yields ease but the cryptocurrency is struggling to build momentum, IG analyst Chris Beauchamp says in a note. Bitcoin gains remain limited after a sharp retreat from the seven-month high of $87,315 reached on Sept. 21, according to LSEG. "The price has fallen through and then re-entered the $82,814-$82,035 support area, and buyers have yet to show real conviction," Beauchamp says. The pressure partly reflects the prospect of the Federal Reserve raising interest rates further. The recent easing in Treasury yields takes the edge off the opportunity cost of holding a non-yielding asset like bitcoin, he says. However, crypto exchange-traded fund flows have turned negative. Bitcoin rises 0.5% to $83,419, LSEG data show.([email protected])