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Bitcoin: rush above $64k response to favorable macro data
By Davide Grammatica
China pushes Bitcoin upward again, with traders now assessing new economic stimulus against the backdrop of US data
BTC's response to global markets
Up +3.3% in the past 24 hours, Bitcoin seems to be reacting optimistically to the new economic stimulus announced by China. As previously anticipated, the Chinese government promised to “significantly increase” its debt to support its country’s growth, leaving room for equity markets to point upward.
That is what has happened, albeit with a few exceptions, in recent hours, with the major Asian stock indexes all rising. TheHang Seng opened +0.4 percent, the Nikkei 225 +0.57 percent, and the Shanghai Composite +1.6 percent.
Beijing is reportedly ready to issue more than $325 billion in treasury bonds, for a scenario that could pave the way for an increase in the value of high-risk assets, including Bitcoin.
Finally “uptober?”
The same dynamic had already occurred last month, with BTC above $65k following the announcement of an initial liquidity injection by the Chinese government. However, these measures are now also followed by more favorable macroeconomic conditions, starting with declining U.S. inflation despite a better-performing labor market than expected.
The Fed may be more cautious in its interest rate easing measures in the future, but analysts seem to agree that the environment is nonetheless favorable for a potential BTC rally to new ATH.
This “uptober” that began with the handbrake on could then, as a result, make up for lost ground in a rather good macroeconomic environment.
Increasingly decisive in this regard will be the U.S. elections, for many the real catalyst event for a recovery in the sector. Polymarket indicates Donald Trump ahead of Kamala Harris by as much as 9 percentage points (54 percent versus 45 percent), and his victory seems to be the best-case scenario for the premier cryptocurrency.
