After FED Warned of One of the Biggest Recessions, Bitcoin Price Skyrocketed Over $13K

Bitcoin price seems to be preparing for more upsides above the $13,200 level. In the short term, there could be a downside correction, but the bulls are likely to defend the $12,800 or $12,600 support area in the coming sessions.

The New York Federal Reserve’s probability model, which predicts the probability of a US recession in the next 12 months, delivered a reading of 32.9% for June. It seems that we have tough time ahead – but not the Bitcoin.

Let’s not forget that the US Treasury yield curve officially closed the second quarter of 2019 inverted. This means that for an entire quarter, investors were given higher returns on short term bonds, rather than long term bonds. This has been the leading indicator of an impending recession over the last 50 years (has happened 7 times) and there has not been a false positive over that time period.

The top cryptocurrency by market cap, meanwhile, was $12,995.25 at the time of writing and kept growing by the 3.4 percent rate. In that way, it disproves a bearish lower highs pattern created on July 4. This latest breakout looks pretty much well-grounded, as Bitcoin’s dominance rate has ticked up to 64 percent, the highest level since April 2017, according to CoinMarketCap. Read More at CoinSpeaker...

#BTC #Bullish #US