Bitcoin surpassed yesterday the US$87,000 after a weak jobs report in the US, then fell again when Treasury bond yields rebounded. BTC’s behavior reflects how tightly it is tied to traditional macro markets—especially bond yields and expectations for interest rates from the US Federal Reserve.
US$87,300 for now is the ceiling of the recent range: either a definitive easing in sovereign debt markets or a steady stream of capital into spot BTC ETFs that manages to absorb sell pressure. If there’s a breakout with volume, the path will be clear to once again test the psychological barrier of US$90,000. Conversely, if it loses support at US$83,500, it would invalidate the short-term bullish momentum, triggering an accelerated drop toward the US$80,000 area. $BTC
US$87,300 for now is the ceiling of the recent range: either a definitive easing in sovereign debt markets or a steady stream of capital into spot BTC ETFs that manages to absorb sell pressure. If there’s a breakout with volume, the path will be clear to once again test the psychological barrier of US$90,000. Conversely, if it loses support at US$83,500, it would invalidate the short-term bullish momentum, triggering an accelerated drop toward the US$80,000 area. $BTC
