Bitcoin’s BTCUSD surge from around $58,000 over the summer to a September peak of $86,000 defied what appeared to be an increasingly difficult macro backdrop, including a Fed rate hike and rising Treasury yields. VanEck Head of Digital Assets Research Matthew Sigel and former CFTC Chair Chris Giancarlo offered two explanations for the rally: Sigel attributed the bulk of Bitcoin’s nearly $30,000 move to seller exhaustion rather than any single headline. VanEck tracks several BTC capitulation indicators, and Sigel said every one of them triggered over the summer. "There were just no more sellers left," he added, pointing to the Treasury’s subsequent bond-buyback announcement as a catalyst that helped accelerate the recovery.
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