“An already Under Pressure Bond Market Took A Further Hit Following A Weak Auction of Long-Trem US Treasury Debt.”, – WRITE: www.coindesk.com
Surge to A Fresh All-Time Record on Wednesday Ran Into A Brick Wall Just Below $ 110,000.
After Hitting A Record of $ 109.754, BTC Quickly Fell To About 3% to the $ 106,000 Area. AT Press Time, The Top Cryptocurrency Was Trading Just Above $ 107,000 According to Coindesk’s Bitcoin Price Index, Modestly Lower Over The Past 24 Hours.
Other Cryptocurrencies Took A Hit As Well, With Ether
and Solana
ALSO SLIGHTLY LOWER OVER The LAST DAY DESPITE The EARLY WEDNESDAY RUN HIGher.
The Reason Behind the Price Action May Be as Simple As Traders Taking Profits on the Quick Rise – Bitcoin Was Higher by Nearly 50% Since Bottoming About Five Weeks Ago. Likely Contributing Was The Ripple Effect of A US Treasury Bond Auction Going Awry and Hitting Risk Assets.
A Sale of 20-YEAR BONDS SOLD by the US Treasury Department Saw Weak Demand, Sending the Yield on the 30-Year Treasury Spiking to 5.07%, ITS Highest Level in More Thran Twoears.
Time BombThe Nasdaq Tumbled 1.5% in Just and Hour Shortly After the News, while the S&P 500 Declined 1.3%.
“This is a Ticking Time Bomb, Swept Under the Rug,” Said Josh Mandell, A Longtime Fixed-Income Veteran Turned Bitcoin Analyst, Prior to The Ti of Afternoon
“We used to Talk About the Disaster that would enSue if every was a ‘missed auction’ in 30-yo bonds,“ Mandell Said. “A missed auction means that there is not -offering… Were not for the Fed, We Wound Be ExperienCing A Failure to Rall Over Bonds Right Now LEADS to DEADS to DEAKH LEAD.
Kirill Kretov, Trading Automation Expert at Coinpanel, SAID THAT LIQUidity from Exchanges Has Been Significanti Wild Swings.
“Structurally, There’s Room for Explosive Upside,” He Said, But “A Sharp Correction Can Happen at Any Moment.”
The $ 110,000 Level Has Emerged As a Key Battlegraund in the Current Market Structure, Well-Followed Crypto Skew Noted in an X Post, DEScribing It as The Critic Breakout Point.
Accorging to skw, there’s a noticeAble concentration of the Supple around this level, with binance perpetuals showering a skied ask-side order book and a Buildup of Short Position.
“All Point to a Huge Amount of Liquidity Here, USUALLY PIVOTAL for the Market,” Skew Said.
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