Bitcoin gets a short-timeframe beating thanks to macro data and some sneaky traders.
A modest recovery then took the pair to a range familiar from several days prior, this still in focus prior to the week’s final Wall Street open.
"On the other hand, GDP has slowed considerably this year, and even though the effect has been muted in the labor market so far, demand clearly has begun to feel the effects of interest rates that are 5 percentage points higher than they were a little over a year ago.", the odds of the Fed pausing its hiking cycle next month, at one point over 95%, stood at just 62% on the day.
“After about 90 mins and a few nibbles at the sell wall, the roof was pulled. Shortly after that a new $36M block of bids was placed below local support and the melt up began,” it added.
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