Bitcoin Volatility: Price Swings Amid Economic Data and Market Sentiment
TL;DR Summary
The price of bitcoin remained below $66,000 as the broader CoinDesk 20 Index dipped by 0.7%, with modest rallies being met with quick selling action. Factors such as the U.S. service industry report, Federal Reserve Chairman Jerome Powell's comments, and economic indicators have influenced bitcoin's price action. Additionally, the strong U.S. economic data has led to a rise in the 10-year Treasury yield and the U.S. dollar, potentially impacting risk asset prices, including bitcoin.
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