Bitcoin Steadies as BoJ Flags Possible Rate Hikes
The cryptocurrency market has remained steady, with Bitcoin trading near $65,000. This price stability comes despite concerns about faster rate hikes in Japan after the Bank of Japan released its summary of opinions from the July meeting.
Nearly half of the board members leaned hawkish, while three remained neutral and two took a dovish stance. The Japanese Yen has dropped to a 40-year low against the US Dollar, raising concerns about faster rate hikes.
The technical outlook for Bitcoin suggests that it may struggle to hold its gains, with the Moving Average Convergence Divergence (MACD) crossing above the signal line and the Relative Strength Index (RSI) at 55 leaning modestly bullish. The 50-day EMA is providing immediate support for Bitcoin at $64,702.
PUMP, a launchpad token, has extended its gains by 11% in the last day, trading near its six-month high and maintaining a constructive bullish bias. CurveDAO (CRV) has also extended its gains for the third consecutive day, inching closer to the $0.2400 level.
The broader bearish picture is reflected in the fact that CRV is well above the 50% retracement level at $0.2232 but faces immediate resistance at the 78.6% Fibonacci retracement level at $0.2608.