) briefly flirted with the $72,000 resistance on June 7, but its intraday gains quickly evaporated, sending the cryptocurrency down to $69,000. More concerningly, two indicators, including exchanges' top traders long-to-short metric, suggest that Bitcoin investors are becoming less optimistic.
Bitcoin was not the only asset class negatively impacted by the macroeconomic data and investors' reduced expectations of interest rate cuts. Gold plummeted to $2,300 after flirting with $2,390 in the early hours of June 7. Similarly, the U.S. Treasury two-year yield jumped from 4.74% to 4.87% during the same period, indicating that traders are dumping their fixed-income positions.
a combined $3.6 trillion in cash and equivalents. These holdings can either reap money-market funds returns or be deployed on stock buyback programs. Essentially, even if corporate profits suffer, the price impact will be much smaller compared to other assets.To understand if whales' sentiment has been affected by the rejection from the $72,000 price resistance, one should analyze data from BTC futures markets.
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