US Risk for Bitcoin Bull: Two Data Should Be Followed Closely!

The popular analyst stated that US-based data may pose a risk for Bitcoin and cryptocurrencies.

Cryptocurrency analyst Chang included the tension between Bitcoin and US-based data in his statement to CoinDesk Global. Stating that Bitcoin still remains stronger, the analyst emphasized that macro data and the weakness in US treasury bonds pose a threat.

In addition, he pointed out that the dollar index (DXY) has started to move upwards and warned about the selling pressures that may come from this side:

Bitcoin is still strong, but macro factors are threatening. Bond yields are very unstable because demand is weak compared to US treasury bond issuance. If there is a negative impact on Bitcoin, it will likely come from returns and the dollar index.

Chang predicted in June that returns would remain volatile and that there would be a close correlation between Bitcoin and stocks.

Bond yields are rising due to U.S. debt concerns, an increase in bond supply and a rise in Japanese bond yields. The yield on the 10-year Treasury note rose to 4.55% in two weeks, according to TradingView.

Some market analysts have suggested that a move above 4.7% could create volatility in stock markets.