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Bitcoin Trend Indicator is trending upwards as the CoinDesk 20 Index rallies to 1650 points

Bitcoin Trend Indicator is trending upwards as the CoinDesk 20 Index rallies to 1650 points

2024/02/07 21:11

The CoinDesk 20 Index has recovered to 1,650, the digital asset market has returned to familiar levels seen prior to the launch of the Bitcoin Spot ETF, and the Bitcoin Trend Indicator (BTI) has re-established a significant uptrend.The BTI is an online tool created by CoinDesk Indices, a subsidiary of CoinDesk, and is designed to help investors determine the Bitcoin (BTC) price movement.

Markets are also shrugging off rising U.S. interest rates, with Friday's January jobs report showing 353,000 new jobs added, well above expectations of 170,000, and Federal Reserve Chairman Jerome Powell saying in a 60 Minutes interview over the weekend that "we're making good progress, but the task is not yet complete" on inflation, leading to a rise in the 10-year U.S. The yield on the US 10-year Treasury note rose to 4.1% from 3.9% in the previous few days, and the CoinDesk 20 index is also rising towards the 1,800 level, creating a bullish headwind.

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