Coiling the Spring
We’ve regained 1650 levels on the CoinDesk 20 Index, as the digital asset market settles into familiar levels pre-bitcoin spot ETF launch and we’ve re-established a significant uptrend in the Bitcoin Trend Indicator (BTI). The indicator is an online tool, created by CoinDesk subsidiary CoinDesk Indices, to help investors determine where the price of bitcoin (BTC) is going.
The market has also been shrugging off the recent move higher in U.S. interest rates, from last Friday’s January blowout jobs report (+353k vs +170k expected) and Jerome Powell’s 60 Minutes interview over the weekend.
“We’re making good progress. The job is not done” said Powell on inflation, causing rates to shoot back upwards towards 4.1% on the U.S. 10-yr (from 3.9% days prior).
Another area where we’re making good progress but the job is not done? The CoinDesk 20, as we move upwards towards retesting the 1800 level and form a bullish pennant.
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