Bullish view
Top Regulated Brokers
Buy the BTC/USD pair and set a take-profit at 90,000.
Add a stop-loss at 80,000.
Timeline: 1-2 days.
Bearish view
Sell the BTC/USD pair and set a take-profit at 80,000.
Add a stop-loss at 90,000.
Bitcoin price remained under pressure as the recent momentum faded amid the rising bond yields. BTC/USD pair dropped modestly to 83,450 from this month’s high of 87,480, with focus shifting to the upcoming US macro data.
Bitcoin Falls as Risk-Off Sentiment Continues
The BTC/USD pair retreated slightly as investors reacted to the rising risk-off sentiment in the United States. Crude oil prices remained at an elevated level as the US-Iran war continues. Brent and the West Texas Intermediate (WTI) have remained above $90 this week.
As a result, US inflation expectations have continued to rise this month, which explains why bond yields have jumped. The ten-year yield rose to 5.24%, while the 30-year moved to a multi-year high of 5.55%. Bitcoin and other assets like gold tend to underperform the market when bond yields are rising.
The BTC/USD pair will next react to the upcoming macro numbers from the United States. The Conference Board will release the latest consumer confidence report later today. Also, the US will release the latest house price index report, while top Federal Reserve officials will talk.
The most important macro data to watch will be the upcoming US nonfarm payrolls (NFP) report, which is expected to show that the economy created over 50k jobs. A strong jobs report will suggest that the Fed will hike interest rates later this year.
Bitcoin is seeing some encouraging catalysts. For example, spot Bitcoin ETF inflows are on track for another strong month. They have added over $2.7 billion in assets this month after adding over $3.5 billion last month. At the same time, Strategy continued its Bitcoin accumulation and now holds 847,666 coins, while Strive now holds 27,462 coins.
BTC/USD Technical Analysis
The daily chart shows that the BTC/USD pair has pulled back in the past few days, moving from a high of 87,270 to the current 83,456. It remains slightly above the important level of 82,069, its highest point on September 3rd. That is a sign that it is forming a break-and-retest pattern, a common bullish continuation sign.
Bitcoin has remained above the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicator. Before all this, it formed a bullish flag pattern, which is shown in black. Therefore, the pair will likely have a bullish breakout, potentially to the psychological level of 90,000.