Bitcoin runs into $80,000 test as thinner weekend liquidity looms
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Key facts
The largest cryptocurrency recently traded near $78,000 after climbing to as high as $79,400, leaving $80,000 as the immediate test before trading in exchange-traded funds (ETFs) shuts for the weekend
To Butterfill, the $80,000 level is now an “important boundary” for BTC, with a decisive move likely to require confirmation that Federal Reserve policy is moving away from further tightening
Bitcoin BTC $ 77,602.44 heads into Friday’s U.S. session having hit its highest level since May as the U.S. Treasury’s bond-buyback plan continues to fuel appetite for risk
The rally is primarily a macro story rather than a crypto specific one,” CoinShares’ head of research, James Butterfill, said in a statement
Summary
Bitcoin BTC $ 77,602.44 heads into Friday’s U.S. session having hit its highest level since May as the U.S. Treasury’s bond-buyback plan continues to fuel appetite for risk. The largest cryptocurrency recently traded near $78,000 after climbing to as high as $79,400, leaving $80,000 as the immediate test before trading in exchange-traded funds (ETFs) shuts for the weekend. “The rally is primarily a macro story rather than a crypto specific one,” CoinShares’ head of research, James Butterfill, said in a statement. His comments came after a lower-than-expected CPI print and weaker payrolls data that followed the Treasury’s announcement that it planned to take action to bring down long-dated bond yields.