Against the $38k Wall

Crypto Compass 76

“The four most dangerous words in investing are: ‘This time it’s different.'”

- Sir John Templeton

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• BTC has been trading in the ascending channel for more than five weeks. The price momentarily surpassed $38.4k before dropping down after failing to establish a solid ground to accelerate gains. It recovered on increased expectations that interest rates have peaked and will begin to fall as early as next March.

• Lower rates should benefit BTC by making riskier trades like tech stocks and tokens more appealing than in a higher-rate environment, where returns on risk-free government securities are elevated.

Figure 1: Bitcoin’s Price in Context.