Stories
Bitcoin Holds Near $84,000 Amid Macro Pressures; What's Driving the Market?
- •Bitcoin is trading around $84,000 after a sharp fall from $87,000, with analysts seeking further confirmation for its rebound amidst macroeconomic pressures.
- •Elevated US Treasury yields, higher oil prices, and renewed pressure on risk assets are influencing market sentiment, with the 10-year US Treasury yield exceeding 5%.
- •Despite the correction, spot Bitcoin ETFs continue to see inflows, attracting over $2.65 billion, and large holders are accumulating BTC, indicating underlying demand.
- •Derivatives activity has cooled, with open interest and 24-hour derivatives volume declining, suggesting traders are reducing risk.
- •Upcoming US economic releases, oil prices, bond yields, and quarterly crypto options settlements are key factors that could influence Bitcoin's next move.
Key Questions Answered
Bitcoin's price consolidation near $84,000 follows a sharp fall from the $87,000-$87,200 zone. Analysts point to macroeconomic pressures, rising US Treasury yields moving above 5%, higher oil prices, and stronger-than-expected jobs data as factors triggering a broader risk-off move and weighing on risk appetite.
Yes, despite the correction, demand indicators remain active with spot Bitcoin ETFs recording inflows for a fifth consecutive day, attracting over $2.65 billion. Furthermore, holders with 100 to 1,000 BTC have accumulated over 113,000 BTC since mid-July, while profit-taking has stayed moderate.
Intraday volatility briefly pushed Bitcoin below $83,000, triggering nearly $80 million in BTC long liquidations. Derivatives activity cooled overall as open interest fell roughly 16% to about $376 billion, 24-hour derivatives volume dropped 16.3% to $937.4 billion, and total long liquidations reached $208.61 million.
