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Analysis: BTC’s upward trend hit resistance as Japan’s inflation data and the Iran war triggered market risk-avoidance sentiment

MeNews
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ME News, April 24 (UTC+8), CoinDesk reported that the crypto market weakened overall on Friday, with BTC price hovering around $77,800, as the rally that started from $65,000 since Wednesday has significantly faded. ETH's price is $2,300, down about 0.8% over the past 24 hours, underperforming BTC. The pressure on the market comes from two fronts: First, Japan's March corporate services price index rose 3.1% year-on-year, exceeding expectations, with core inflation accelerating. The market expects the Bank of Japan's next policy meeting may signal a rate hike, and a stronger yen could lead to unwinding of carry trades in global risk assets. Second, the ongoing Iran war continues to affect oil shipments through the Strait of Hormuz. WTI crude oil futures have risen over 40% to $96 per barrel since the outbreak of the war. The U.S. Pentagon warns that clearing naval mines could take six months, which will put sustained pressure on global inflation and may narrow the scope for the Federal Reserve to cut interest rates. (Source: MLion)
BTC2.31%
ETH6.09%
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