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 closely it is tied to traditional macro markets, especially bond yields and expectations for US Federal Reserve interest rates.
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 is a breakout with volume, the way is clear to once again target the psychological barrier of US$90,000. On the other hand, 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#btc70k area.
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 is a breakout with volume, the way is clear to once again target the psychological barrier of US$90,000. On the other hand, 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#btc70k area.
