$BTC Why $BTC show negative momentum trend??????
Bitcoin faced a notable downturn as U.S. stock markets kicked off the week on a weaker note. The leading cryptocurrency, which had surged past $69,000 earlier in the day, dipped below the $67,000 threshold as the trading session progressed. By evening, Bitcoin, which had been trading at $69,500, saw its price fall to approximately $66,840.
This drop in Bitcoin's value mirrors the broader trend in U.S. equity markets. Major indices, including the S&P 500, Dow Jones, and Nasdaq Composite, all opened the week with losses. The S&P 500 recorded a decline of 0.65%, while the Dow Jones and Nasdaq Composite indices slipped by 0.8% and 0.6%, respectively. Investors are currently focused on the upcoming earnings reports of major corporations, contributing to the cautious mood.
In parallel, U.S. 10-year Treasury bond yields jumped by nine basis points to reach 4.168%. According to Sam Stovall, Chief Investment Strategist at CFRA, the rising bond yields suggest that investors believe the Federal Reserve may delay its plans to reduce interest rates. With the economy remaining resilient, Stovall noted that bringing inflation down to the Fedâs 2% target might prove more challenging than previously anticipated.
Additionally, a recent analysis from Goldman Sachs sparked conversation on Wall Street. The bank's strategists predicted that over the next decade, the S&P 500 will likely deliver an annual nominal return of just 3%, a significant drop from the 13% average of the past 10 years. The report further highlighted a 72% chance that the index will underperform U.S. Treasury bonds by 2034, cautioning investors to brace for lower stock market returns in the coming years.
#BTCâ #BTC500K #UptoberBTC70K? #USRetailSalesBoost #BTCSoarsTo68K
