CandleFocus Bitcoin Bulls Lose Steam, Aussie-Yen Dips, Hinting at Broad-Based Risk Aversion Ahead
2024-11-27
Author: Content Editor
Bitcoin's bullish momentum has been hampered by a decline in the Australian dollar-Japanese yen exchange rate (AUD/JPY), which is considered a risk-off signal. The AUD/JPY pair has dipped below the trendline, indicating a renewed strength in the yen and speculation of a possible rate hike by the Bank of Japan. Additionally, there are concerns about the possibility of the Federal Reserve cutting rates and resurfacing trade war fears. Bitcoin bulls should be cautious as another risk-off scenario led by the yen could push prices well below $90,000.
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