Bitcoin price surprises again! Traders eyeing $43,000 target
Bitcoin price rally by as much as 30% since the lows of late January has the token testing the upper end of its 20-day bollinger band, a technical pattern that could signal resistance. A close above that level, currently around $43,000 (roughly $200 above its current price), may imply sustained strength. But the last time Bitcoin briefly touched the upper end, in late December, it went on to plunge as much as 36% before starting to recover.
(Bloomberg) A rally in Chinese shares Monday helped to limit a drop in Asian stocks, while global sovereign bonds remained under pressure amid intensifying bets on monetary-policy tightening to fight inflation.
A Chinese equity benchmark climbed about 2% after reopening from a holiday, playing catch-up to last week’s gains in global equities. But a Hong Kong technology gauge retreated, sapped by Alibaba Group Holding Ltd. on speculation SoftBank Group Corp. may sell some of its shares in the firm.
S&P 500, Nasdaq 100 and European futures rose. The dollar ticked up, the euro slipped and commodity-linked currencies were higher. Oil’s rally paused at $92 a barrel.
Markets now expect more than five quarter-point Federal Reserve interest-rate hikes in 2022 to quell inflation following a strong U.S. jobs report. Treasuries mostly held losses from last week and Australian bonds slid. Japan’s 10-year bond yield reached the highest since early 2016.
Investors are grappling with the prospect of the biggest tightening of monetary policy since the 1990s. Traders are awaiting the US inflation report this week, which could lead to more market volatility by shaping views on Fed tightening. A reading north of 7%, the highest since the early 1980s, is expected.
The Fed is in a difficult spot, “trying to
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