Bitcoin Turns Higher After Sliding to Support Levels
Dow Jones
60 mins ago
1130 ET - Bitcoin is up 1.2% to $82,781, bouncing back after falling as low as $80,500 overnight. Analysts this week have speculated that initial support levels for bitcoin would be around $81,000, potentially dropping back below $80,000 if that support was broken. The stronger U.S. dollar and higher Treasury yields have been a factor pushing on assets considered riskier this week, but these riskier assets and the stock market rise Friday despite the U.S. dollar index also continuing to strengthen. One factor supporting these assets is the upcoming U.S. midterm election - with traders comfortable with the expected rout of GOP candidates. "Investors tend to reward electoral clarity more than any particular outcome," says Paolo Broccardo of BankPro in a note.
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