Bitcoin

<h2 id="quick-take">Quick Take</h2>
In a striking reversal from the start of the week, <a href="https://cryptoslate.com/insights/bitcoin-wrestles-with-key-technical-indicators-as-28k-proves-a-formidable-resistance/" rel="noopener noreferrer nofollow">CryptoSlate</a> reports a resurgence of Bitcoin, which was grappling beneath key technical levels but has since ascended above them.
This recovery is significant, given the substantial resistance observed near $28,000, a level influenced by the 200-week, 200-day, and 111-day moving averages and the short-term holder’s realized price.
<figure id="attachment_366343" aria-describedby="caption-attachment-366343" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-366343 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/BTCUSD1.png" alt="Technical Pricing Model: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/BTCUSD1.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/BTCUSD1-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/BTCUSD1-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/BTCUSD1-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/BTCUSD1-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-366343" class="wp-caption-text">
 Technical Pricing Model: (Source: Glassnode)
 </figcaption>
</figure>
The rebound is even more noteworthy considering the imminent 5% benchmark of the US10Y, a critical yield that sets the global interest rate benchmark. This key indicator is gearing up to hit levels unseen since before the 2007 financial crisis, entailing a tightening economic environment and adding pressure on risk assets like Bitcoin.
<figure id="attachment_366345" aria-describedby="caption-attachment-366345" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-366345 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/US1.png" alt="US10Y and US02Y: (Source: Trading View)" width="1542" height="969" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/US1.png 1542w, https://cryptoslate.com/wp-content/uploads/2023/10/US1-300x189.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/US1-1024x643.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/US1-768x483.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/US1-1536x965.png 1536w" sizes="(max-width: 1542px) 100vw, 1542px">
 <figcaption id="caption-attachment-366345" class="wp-caption-text">
 US10Y and US02Y: (Source: Trading View)
 </figcaption>
</figure>
Amplifying these developments is the US02Y yield, which has cleared the 2006 peak at 5.253% and recorded its highest level since 2000.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/resilient-bitcoin-defies-interest-rate-pressures-and-technical-resistance/">Resilient Bitcoin defies interest rate pressures and technical resistance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Resilient Bitcoin defies interest rate pressures and technical resistance

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