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Bitcoin called 'weakest link' for trading flat while stocks and gold climb higher

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Cryptos traded flat on Tuesday while stocks climbed higher in response to comments from the Fed that there might not be a need for any more interest rate hikes.

- Cryptocurrencies traded flat on Tuesday as the world’s attention remains focused on developments in Israel following the surprise attack by Hamas over the weekend.

WTI and Brent crude futures each lost almost 1% to trade below $86 and above $87, respectively. The DXY and 10-year Treasury note also continued to pull back from their recent highs, which helped provide some relief for risk assets. Data provided by TradingView shows that Bitcoin traded in a narrow range between $27,295 and $27,745, suggesting that sooner or later, its price will experience a breakout, though which direction remains uncertain.The subdued price action was also prevalent in the futures market as “October Bitcoin futures prices near steady in early U.S. trading Tuesday,” according to Kitco senior technical analyst Jim Wyckoff.“Price action has seen a pause recently, which is not bearish,” Wyckoff said.

November 21st has historically been the key pivot point for a bullish shift. Will be interesting to see how $BTC responds. pic.twitter.com/zP9vlG31Qc

 

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