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Live updates: Bitcoin nears $78,000, zooming higher after rate hike
Another central bank hiked rates overnight, this time the Bank of Japan. The move failed to halt the slide in the yen.
Bitcoin is above $80,000, standing out in the green as broader U.S. equities trade in the red. The Nasdaq 100, S&P 500 and Dow Jones Industrial Average (DJI) are all lower, alongside the iShares Russell 2000 ETF (IWM) and iShares Expanded Tech-Software Sector ETF (IGV).
Crypto-linked stocks are also surging. Strategy (MSTR) is up 11%, Coinbase (COIN) has gained 9% and Robinhood (HOOD) is up 7%.
Global bond yields are rising again, with the U.S. 10-year Treasury yield back above 5% and yields moving higher in Germany, France and the UK. The U.S. Dollar Index (DXY) is edging higher and approaching 100.5, while metals are posting modest gains.
Bitcoin: Reclaims True Market Mean
Bitcoin reclaims True Market Mean at $78,226, targeting corporate treasury cost basis near $80k and ETF cost basis at $85k.
Bitcoin has reclaimed the True Market Mean, returning price above a key level into a bullish regime per Glassnode. Next resistance sits at the corporate treasury cost basis near $80k, followed by the ETF cost basis at $85k.
With BTC at $78226.69 on the 4h chart, price tests upper Bollinger resistance at $77874.46 while the EMA50 at $77212.96 anchors support and the MACD golden cross at 74.11 sustains momentum; neutral RSI at 64.96 leaves room for continuation toward the corporate treasury cost basis before any retracement to the EMA200 at $74641.31, refining BTC price prediction and Bitcoin corporate treasury cost basis vs ETF cost basis levels.
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