Bitcoin rebounds as traders spot China ‘weaker yuan’ chart, but US trade war caps $80K BTC rally

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Coin Telegraph 1w ago

Bitcoin rebounds as traders spot China ‘weaker yuan’ chart, but US trade war caps $80K BTC rally - Coin Telegraph

Quick Summary:

In a blog post on the day, AllianceBernstein predicted this happening even as tariffs added to inflationary pressures.“If the economy slows, as we expect it will, the Fed will be inclined to cut rates even if price levels are high,” Eric Winograd, the firm’s Developed Market Economic Research director wrote. “The view is that actual inflation tells us what the economy was doing but not what it will do.

For traders, among the key levels to watch was the 0.382 Fibonacci retracement level, currently near $73,500.“In a bull market, the 38.2% Fibonacci retracement acts as key support,” popular trader Titan of Crypto explained, describing BTC/USD as “in a reversal zone.”“As long as BTC closes above it, the uptrend remains intact, even with a wick below.”BTC/USD 1-month chart with Fibonacci levels.

Source: Titan of Crypto/XFellow trader Daan Crypto Trades also underscored the level’s potential significance, with it coinciding with old all-time highs from March 2024.“$BTC Has respected its .382 Fibonacci retracements, measured from the cycle bottom to the local tops, quite well so far,” he told X followers. “This is the 3rd time we get such a test this cycle.