BTCUSD Signal - A Brief Bullish Comeback Can’t be Ruled Out
Bitcoin remained slightly below the important resistance level at $20,000 as global risks andThe S&P 500 VIX index rose by 6% to $32 while the US dollar index jumped to $114 for the first time in more than two decades. At the same time, Bitcoin’s fear and greed index remained at the fear zone.
As a result, the prices of most assets have crashed to the lowest level in months. For example, Brent, the global benchmark of crude oil, crashed to $82 whilefell to $76.8. Gold dropped from the year-to-date high of over $2,000 to about $1,632. In total, the Bloomberg Commodity Index dropped to the lowest level in months.
Government bonds also continued their steep sell-off as investors anticipated tighter monetary conditions. The yield of the 10-year government bond rose to 3.8% while the 5-year rose to 4.15%. Therefore, Bitcoin has crashed since investors can now get a better yield in safe securities like bonds. The next key catalyst for the BTC/USD price will be a statement by Jerome Powell. The Fed Chair is expected to reiterate that the Fed was committed to more rate hikes in a bid to fight the elevated consumer and producer price inflation.
The pair will also react to the latest consumer confidence data from the US. With gasoline prices falling, analysts expect that the country’s consumer confidence rose to 104.5 in September. The US will also react to the latest US new home price data.It has struggled moving below this level several times this month.
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