Major cryptocurrencies faced a downfall as the U.S. 10-year yield surged to its highest level in over 16 years.
Interest rates continued to rise as the U.S. 10-year Treasury yield surged by an additional 11 basis points to reach 4.69%. This increase was driven by unexpectedly robust manufacturing data, which highlighted the strength of the U.S. economy. The ISM figures recorded a reading of 49, surpassing the forecasted 47.7 and indicating the possibility of more rate hikes in the future.
On Monday, the yield on a 30-year Treasury surged above 4.80%, perilously inching closer to the critical 5% threshold. The ongoing surge in yields has translated into a substantial erosion of market value for these long-duration assets.
In other news, an X account by the name of Satoshi Nakamoto has resurfaced after a five-year hiatus on the social media platform. The account is now discussing Bitcoin’s attributes in detail.
It should be noted that there is no official verification confirming that this account truly belongs to Nakamoto. Therefore, investors are advised to exercise caution when engaging with any token drop associated with the account.
Currently, the global crypto market capitalization stands at $1.12 trillion, a 3.16% increase in the last day.
The US stock market witnessed a rise as legislators reached a short-term agreement, avoiding a government shutdown. The S&P 500 closed at 4,288.39 with a slight increase of 0.01%. Meanwhile, the Nasdaq Composite continued its positive streak, closing at 13,307.77 and marking its fourth consecutive day of gains.
Crypto analyst Michael Van de Poppe predicts that Bitcoin will rebound to $28,400, indicating that now is the opportune moment to buy the dip. “I’m assuming that we’ll see some retests on lower boundaries at $27,000-27,500 before we’ll continue, but breaking $30,000 opens the gates to $40,000 really fast.”
#Bitcoin back up to $28,400.
From here, it seems like buying the dip is the game.
I’m assuming that we’ll see some retests on lower boundaries at $27,000-27,500 before we’ll continue, but breaking $30,000 opens the gates to $40,000 really fast.
— Michaël van de Poppe (@CryptoMichNL) October 2, 2023
Pseudonymous analyst Kaleo suggests that Fake Satoshi’s actions present an opportunity to buy the dip for those who missed yesterday’s breakout. “I have a feeling Uptober isn’t over yet.”
Fake Satoshi is giving you an opportunity to buy the dip for everyone who missed yesterday’s breakout.
I have a feeling Uptober isn’t over yet. pic.twitter.com/QQDBkeQkWm
— K A L E O (@CryptoKaleo) October 2, 2023
According to Crypto Tony, he expects BTC levels between $28,500 – $29,500 to be major resistance. “And as you know $28,500 was my target so i did take more profit today off that.”
This is my roadmap on Bitcoin over the next few days. I expect $28,500 – $29,500 to be major resistance. And as you know $28,500 was my target so i did take more profit today off that pic.twitter.com/8emFca8JRy
— Crypto Tony (@CryptoTony__) October 2, 2023
On-chain analytics platform Santiment reported that shortly before Bitcoin surged above $28K, there were four transactions valued between $187M and $346M. This comes as a positive indication, as the supply of BTC on exchanges has decreased from 5.99% to 5.73% since September 1.
Just prior to #Bitcoin popping above $28K for the first time in 6 weeks, there were 4 transactions ranging between $187M and $346M in value. The supply of $BTC on exchanges has dropped from 5.99% to 5.73% since September 1st, a continued good sign.
https://t.co/xnUS5r6u2w pic.twitter.com/5vCsksuUDu
— Santiment (@santimentfeed) October 2, 2023
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