Bitcoin drops below $60k pressured by strengthening US dollar 📉

Bitcoin is today trading below the important psychological barrier of $60,000 and also the 200-session exponential average. The decline appears to be triggered by uncertainty on Wall Street and a stronger U.S. dollar, which is trading up 0.4% today (USDIDX); 10-year U.S. Treasury bond yields are up 4 basis points today, to near 3.85%, supported by much stronger-than-forecast US ISM reading from the services sector.

ISM data for September from the US indicated a reading above 54 points and an increase in the price component to nearly 60 points' a slightly weaker employment index. Along with BTC, gold is also down today, weakened by still strong data from the U.S. economy, which, along with higher oil prices, supported by Middle East tensions, put a bit of a question mark over the Fed's continued rate cut cycle.Source: xStation5