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HomeCryptoBitcoin (BTC) stabilizes, rebound how far? The stock market council

Bitcoin (BTC) stabilizes, rebound how far? The stock market council

Has bitcoin (BTC/USD) halted its long descent into hell? While it’s too early to tell, the major cryptocurrency has at least managed to stabilize lately (after bouncing off major chart support at $17,600-$18,560) and hold “above the $20,000 mark. over the past week, ending the fall of the past few weeks,” notes Simon Peters, market analyst at eToro. A technical and psychological zone, which corresponds among other things to the peak of December 2017.

For the expert, it is “too early to say if bitcoin has stabilized at the level of 20,000 dollars. The fear has dissipated somewhat in the crypto-asset markets, but it has not completely gone away.” The cryptocurrency markets are very sensitive to the American markets (the correlation between bitcoin and Nasdaq is most often significant, editor’s note), in particular to the Fed’s monetary policy decisions to fight against rising inflation. Rising interest rates and bond yields “have affected US equity valuations, and by extension, crypto markets in recent months,” eToro points out.

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Jerome Powell, the head of the Fed, has left the door open to many turns of the screw (raising the key rate). “It remains to be seen if the continued rise in rates is priced into the markets or if it continues to affect valuations,” the broker said. While rising recession risks, poor earnings and corporate forecasts “could further affect stock prices, given recent correlations, crypto-asset prices could also be affected,” he warns.

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Author’s declaration of interests

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