Bitcoin
Bitcoin Tests Key Resistance Levels at $84,000 Amid Macro Headwinds
Bitcoin traded around $84,000 as analysts evaluate whether weekly price closes can confirm a sustained breakout above May levels.
Bitcoin climbed to approximately $84,000, reaching its highest valuation since January 2026. Market analysts, including Benjamin Cowen, point to the upcoming weekly close above the May high of roughly $82,500 as a pivotal metric to determine whether the asset is initiating a genuine breakout or forming a temporary wick.
The market test coincides with shifting macroeconomic conditions. The US 10-year Treasury yield exceeded 5% on Wednesday, reaching a 19-year high, while preliminary September PMI data surpassed economic forecasts. These elevated bond yields present potential headwinds for non-yielding risk assets such as cryptocurrencies.
Analyst Michaël van de Poppe observed that while Bitcoin's recent pullback may be concluding, a further test of the $81,000 price level remains possible. Meanwhile, Cowen noted that previous cycle-timing models were adjusted after earlier projections of an October bottom did not align with recent market performance.
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