Bitcoin faces $28K Resistance

Bitcoin fell Thursday, dropping alongside broader markets as stocks fell and bond yields rose.

Cryptocurrencies were under pressure as investors grappled with renewed concerns about the U.S. economy.

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Bitcoin faces $28K Resistance!

Bitcoin fell Thursday, dropping alongside broader markets as stocks fell and bond yields rose, via @CoinDesk #BTC #CRYPTONEWS pic.twitter.com/yW0Tj13b5J

— The_Journalbiz (@the_journalbiz) August 17, 2023

Coindesk chart on BTC

The cryptocurrency recently traded around $27,994, according to CoinDesk, down about 3.5% over the last 24 hours.

It hasn’t closed below $28,000, based on 5 p.m. levels, since mid-June, according to Dow Jones Market Data.

Markets have been betting the central bank wouldn’t make any more moves on interest rates this year.

In reaction, the stock market fell for a second straight day Wednesday and the 10-year U.S. Treasury yield hit its highest close since 2008.

@thejournalbiz

Source:Coindesk

Image: BTC