๐จ Why Did Bitcoin Dump? ๐จ
๐น 1) Iran-Israel Conflict ๐Rising geopolitical tensions as Iran may plan an attack on Israel from Iraqi territory. War and instability usually impact Bitcoin and crypto markets negatively.
๐น 2) Disappointing Tech Earnings ๐ป๐Microsoft and Meta posted earnings with rising costs due to AI investments. Despite beating expectations, their stock prices fell, pulling down the entire market, including crypto.
๐น 3) Rising Bond Yields ๐๐ตThe 10-year Treasury note is trading above 4.3%! Investors are shifting to safer options, leaving riskier assets like Bitcoin affected.
๐น 4) Core PCE Increase ๐ธ๐A slight rise in the Core PCE inflation measure (above 2.7%) could mean a more hawkish Fed stance, which impacts both equity and crypto markets.
๐ก Conclusion ๐ก
๐น These factors are contributing to a temporary dip in BTC's price.
๐น After "Uptober," watch for "Moonvember" ๐ as BTC could aim for $80,000+ ๐.
Stay tuned for market updates, and hold strong! ๐ช๐
