The recent cryptocurrency rally came to an abrupt halt Thursday as US Treasury yields jumped on heightened inflation worries. Get your weekly Bitcoin and Ethereum forecasts from nickcawley1 here:
Thursday’s US CPI print of 7.5% turned risk markets sharply lower as expectations of more, and potentially larger, US rate hikes were priced in for 2022. Across the board, the three-week rally from multi-month lows was stopped in its tracks, although losses were limited considering the shakeout in the US equity markets. These losses are being pared today with most coins trading in positive territory ahead of the weekend.
Bitcoin is currently trading around $43.7k having convincingly broken a noted resistance level around $39.6k. This should now act as support in case of any sell-off, aided by slightly weaker support above $42k. A break above this week’s $45.8k high should allow Bitcoin room to move back towards resistance at $48k and eventually $52k. Bitcoin is currently in overbought territory so any move higher will likely be gradual to wash out this reading.
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