Bitcoin rallied above $60,000 despite Federal Reserve rate hike fears and steady outflows from the BTC spot ETFs. Is the rally a bull trap?
Key takeaways:
Bitcoin (BTC) reacted positively to US Federal Reserve Chair Kevin Warsh’s remarks on stubborn inflation. Despite the gains on Wednesday, traders fear that incentives for fixed-income investments and strong earnings momentum in tech stocks will continue to pressure non-yield-bearing assets like cryptocurrencies.
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