BTC has recently tried the 87K area multiple times, but each time it fails to truly hold above it. This suggests that sell orders above are still present. Only when it genuinely breaks and holds above 88K can we say the breakout is complete.
At the moment, the most important short-term support zone is 84K—85K. As long as the price can still remain above this area, don’t easily switch to a short position.
⚠️This is also something worth paying attention to tonight: if $BTC breaks down below this level, then if it falls through, it may test downward again. The next important larger support zone is still 82K—83K.
On a macro level, since last Friday’s Non-Farm Payrolls (NFP) release, things have been somewhat conflicted. The weak NFP reduced expectations for further interest-rate hikes in October by 10 bps, which is favorable for BTC.
However, the U.S. 10-year Treasury yield is still hovering around 5.2%, which is at a high level. And next week there will be the Federal Reserve’s meeting minutes, so the market will still worry about inflation and the outlook for further rate hikes.
At the moment, the most important short-term support zone is 84K—85K. As long as the price can still remain above this area, don’t easily switch to a short position.
⚠️This is also something worth paying attention to tonight: if $BTC breaks down below this level, then if it falls through, it may test downward again. The next important larger support zone is still 82K—83K.
On a macro level, since last Friday’s Non-Farm Payrolls (NFP) release, things have been somewhat conflicted. The weak NFP reduced expectations for further interest-rate hikes in October by 10 bps, which is favorable for BTC.
However, the U.S. 10-year Treasury yield is still hovering around 5.2%, which is at a high level. And next week there will be the Federal Reserve’s meeting minutes, so the market will still worry about inflation and the outlook for further rate hikes.
