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Abstract：Due to a period of risk aversion in global markets brought on by concerns over the Federal Reserve's tightening monetary policy, Bitcoin managed to avoid a 9% decline over the previous four days.
At 7:40 a.m. on Monday in London, the biggest cryptocurrency was barely changed at $21,330. Smaller coins like Avalanche and Cardano retreated, as did ether.
Because of the Fed's intention to continue rising interest rates and draining liquidity, confidence in the global equities recovery from June's bear-market lows is beginning to wane. Due to the negative performance of US equities futures on Monday, the pressure on cryptocurrency remained high.
According to Jamie Douglas Coutts, senior market structure analyst at Bloomberg Intelligence, Bitcoin's fortunes “remain to be tied to the wagon of other long-duration growth assets such as technology equities, at least in the short to medium term.”
The moving average convergence divergence (MACD), an indicator, also flashed a red alert. Some technical experts view the MACD's bearish shift as a hint that pressure may continue to build on Bitcoin.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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