Bitcoin Caught Between Strong Demand and Persistent Risks
Dow Jones
Yesterday
0936 ET - Bitcoin's price is in a tug-of-war between strong ETF and corporate demand on one side and persistent inflation and rate risks on the other, Bitget Wallet's Lacie Zhang says in a note. It is trading around $83,500, with Zhang seeing $82,000 as the key downside level and $87,500 as the trigger to a bigger rally. Institutional demand can provide a floor, but it's unclear whether that demand can continue exceeding profit-taking by long-term holders and selling from miners, the analyst says. Bitcoin faces major tests from jobs data coming out tomorrow and September inflation data coming out in two weeks, Zhang says. If those reports reinforce the case for hiking rates, crypto will be under pressure from higher real yields and a stronger dollar, the analyst says.
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