U.S. inflation came in higher than expected in October. This has put a 0.5 percentage point interest rate hike in December on the table. $BTC (-3.42%) has declined, but is proving relatively resilient in the face of this headwind.
Our base scenario at CoinShares remains a trading range between $60,000 and $90,000, as long as the broader conditions do not change significantly. So far, there have been no clear catalysts for a sustained breakout. Shifting interest rate expectations, stronger institutional inflows, or renewed buying by large Bitcoin holders could change the picture. (Text by CoinShares’ Head of Research, James Butterfill)
