Bitcoin (BTC) is prone to transfer increased as US Treasury yields stay beneath 4.50%, creating a good macroeconomic backdrop for digital belongings, based on Normal Chartered head of digital belongings analysis Geoffrey Kendrick.
In an inside notice shared with CryptoSlate, Kendrick highlighted that the 10-year US Treasury yield has struggled to interrupt above 4.50%, a stage intently watched by market contributors.
He described the financial backdrop as a “Goldilocks” situation for digital belongings — the place financial development stays robust however doesn’t spur increased yields that would weigh on danger belongings.
In line with Kendrick, steady bond yields and an absence of recent inflationary dangers, corresponding to extra tariffs, might create best situations for Bitcoin to push towards a brand new all-time excessive above $108,000 in February.
He famous that if Bitcoin can stay above the $95,000 key assist stage, it’s extra prone to push again into six figures.
Kendrick wrote:
“I follow my view from Friday that up is changing into extra probably than down for Bitcoin within the short-term. Search for 95k to carry on the draw back and markets to push up in direction of the vital 102.5k stage quickly.”
He emphasised that Bitcoin’s worth motion stays constructive so long as key macroeconomic situations stay regular.
Trump Tariffs
Kendrick additionally highlighted President Donald Trump’s latest announcement of a 25% tariff on metal and aluminum imports as a shift towards extra focused, reciprocal tariffs slightly than broad-based commerce restrictions.
Kendrick believes this transfer might have a extra restricted inflationary affect than feared, serving to to include Treasury yield dangers. Decrease yields sometimes profit danger belongings, together with Bitcoin, by lowering the enchantment of fixed-income investments.
Kendrick argued that Trump’s newest coverage shift and market sentiment transferring away from fears of “Unhealthy Trump” financial disruption might ease danger aversion and assist additional upside for Bitcoin.
Final week, following Trump’s announcement of latest tariffs on imports from Canada, Mexico, and China, Bitcoin skilled a big decline.
BTC fell from roughly $105,000 to a low of round $91,000. The downturn was attributed to investor issues over potential world commerce conflicts and financial instability stemming from the tariffs.
Bitcoin’s worth rebounded again above $100,000 after the US reached agreements with Mexico and Canada to delay the implementation of those tariffs. Nonetheless, the flagship crypto did not maintain its upward momentum.
In line with CryptoSlate knowledge, Bitcoin was buying and selling round $95,416 as of press time, down 2% on the day.
Bitcoin Market Information
On the time of press 7:14 pm UTC on Feb. 11, 2025, Bitcoin is ranked #1 by market cap and the worth is down 2.2% over the previous 24 hours. Bitcoin has a market capitalization of $1.89 trillion with a 24-hour buying and selling quantity of $33.29 billion. Study extra about Bitcoin ›
Crypto Market Abstract
On the time of press 7:14 pm UTC on Feb. 11, 2025, the full crypto market is valued at at $3.14 trillion with a 24-hour quantity of $98.17 billion. Bitcoin dominance is presently at 60.26%. Study extra concerning the crypto market ›
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