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Although it was stopped at $82,400 earlier this week, BTC at $80,000 is actually a lot better than it should be, at least in theory.
ByJordan Lyanchev
<a href="https://xpertsstudio.com/bitcoin-a-wave-of-profit/” title=”Bitcoin: A wave of profit”>Bitcoin tried and failed on several occasions to decisively break above the crucial $80,000 level, but perhaps the more important question is why it hasn’t dumped much further.
After all, the macro landscape is anything but bullish given the renewed attacks between the US and Iran, the hawkish Fed, and the surprisingly strong jobs data.
BTC Should Be Hurting
The latest geopolitical developments arrived this weekend as the two warring parties exchanged fresh attacks after Iran’s Revolutionary Guard launched ballistic missiles against two US Navy vessels. The US subsequently struck three Iranian crude oil carriers, while the Middle Eastern country also targeted tankers and US-linked vessels in waters around the Strait of Hormuz.
The escalation matters far beyond geopolitics as Brent crude climbed toward $100 per barrel again amid renewed concerns about energy supplies. Higher oil prices can directly feed into inflation, making the Federal Reserve’s decision next week even harder.
The US central bank has become another issue for BTC. Chair Kevin Warsh adopted a distinctly more hawkish tone at Jackson Hole last week, emphasizing that inflation remains too high and that the Fed could still have “work to do.”
The odds for a September rate hike jumped after the speech and went even higher after Friday’s jobs report. It showed that the US economy added 162,000 jobs in August, almost triple expectations of 56,000, while unemployment remained unchanged at 4.1%.
Although that’s good news for the economy, risk assets do not benefit as the hope for easier monetary policy fades given the higher inflation.
Source: <a href="https://cryptopotato.com/bitcoin-at-80k-is-stronger-than-it-looks-btc-is-surviving-a-perfect-storm-of-bearish-news/” target=”_blank” rel=”nofollow noopener”>cryptopotato.com