Bitcoin hovers near $74K as stocks rise despite US bond yield rebound
Summary
Bitcoin traded near $74,000 on Wednesday, moving in a narrow range between its 21-week and 50-week moving averages as traders awaited a catalyst. It diverged from rising US stocks, led by technology shares, while Treasury yields climbed after hotter-than-expected inflation data. The 10-year yield returned to 5%, and markets increasingly priced in a December Fed rate hike. Bitcoin had fallen below short-term holders’ estimated $75,700 cost basis; those holders sent more than 47,000 BTC to exchanges at an unrealized loss, raising the possibility of further selling.
