Bitcoin has seen an increase of 11% over the past week, nearing its highs from July. However, analysts warn of potential economic headwinds ahead. Yuya Hasegawa, a market analyst at Bitbank, expressed concern over rising U.S. bond yields, which may make them a more attractive option compared to riskier assets like Bitcoin. Currently, yields on 10-year U.S. Treasury notes hover between 4.02% and 4.08%, slightly lower than last month. Additionally, stronger retail sales and a decline in jobless claims suggest that the Federal Reserve might not reduce interest rates as quickly as some anticipate. While there is a chance for a 25 basis points cut in November, uncertainty remains. The European Central Bank's recent rate cut could boost liquidity, positively influencing Bitcoin prices in the short term. Analysts suggest that if Bitcoin maintains its momentum, it may reach $70,000 by early next week, pending broader market conditions.

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