๐ถ Iran-Israel Conflict
The recent news that Iran may plan an attack on Israel from Iraqi territory has heightened geopolitical tensions. As we know, war and instability tend to negatively impact Bitcoin and crypto markets.
๐ถ Disappointing Tech Earnings
Tech giants Microsoft and Meta posted earnings reports that, despite beating expectations, revealed rising costs due to AI investments. This caused a drop in their stock prices, dragging the overall market, including crypto, down with them.
๐ถ Rising Bond Yields
The 10-year Treasury note is now trading above 4.3%. Historically, rising bond yields tend to suppress demand for equities as investors turn to safer options, affecting riskier assets like Bitcoin.
๐ถ Core PCE Increase
Core PCE, a key inflation measure, rose slightly above 2.7%. This may prompt the Fed to adopt a more hawkish stance, which could pressure both equity and crypto markets.
๐ก Conclusion ๐ก
๐ถ These factors are likely contributing to a temporary dip in Bitcoin's price.
๐ถ Just like "Uptober," expect "Moonvember" to bring a recovery, with BTC potentially aiming for $80,000+.
