Bitcoin's price has been consolidating above the $27,000 level since the beginning of October, despite geopolitical uncertainty.
Bitcoin's price has been consolidating at around the $27,000 level since the beginning of October. Confidence in the digital asset has prevailed, despite a multitude of macroeconomic headwinds, not least being geopolitical uncertainty amidst the conflict in Israel.
However, the analyst suggested bitcoin's support level is based on factors independent of major indices. He observed bitcoin diverging from its tendency to positively correlate with the S&P 500. "The bond market drop has not provoked a dramatic sell-off in risk assets yet, apparently, market participants are expecting even higher yields and a much longer period of elevated inflation and high rates. We will see the full impact on risk assets when the bond yield curve converts from the current inverted shape to a normal one," Ruslan told The Block.
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