Bitcoin (BTC) against the yen last week (5th-12th) fell by 601,450 yen (10.62%) to 5,060,793 yen. At the closing price, the psychological milestone of 5 million yen and the 200-day moving average were maintained, but the market price retraced the increase in the last three weeks.
After the sharp fall in the market on the 7th, BTC’s price was uncertain at around 5.1 million yen, but the US wholesale price index (PPI) on the 10th exceeded the market forecast compared to the same month of the previous year and eased. The market has made the upside heavier due to concerns about the contraction ahead of schedule. On this day, Mr. Mester, the governor of the Cleveland District Fed, reminded him to start tapering by the end of the year, and BTC became cheaper due to the US stocks that fell back after the high price, and it was held down from around 5.1 million yen. became.
The market price on the weekend stopped declining at around the milestone of 44,000 dollars (≈4.84 million yen) against the dollar, and turned to a high level due to the appearance of self-reliance. However, the market price on weekends, which tends to be a thin business, has been slow to return, and the price has been choppy with 5 million yen in between.
Figure 1: BTC vs. Yen Chart 1 Minute Source: Created from bitbank.cc
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