- Bitcoin trades at $82,164, holding above a key support line after touching $83,040, as macroeconomic headwinds cap upside.
- Oil near $108 per barrel, 3.7% inflation, and the 10-year Treasury yield above 5% keep rate-hike fears alive, with spot Bitcoin ETFs losing $910 million in two weeks.
- Technical indicators signal caution: the ADX at 21.6 shows no clear trend, the RSI at 49.3 is neutral, and the Squeeze Momentum Indicator has been compressed for 13 days.
Bitcoin hovered around $82,164 on Monday, up roughly 1% after briefly tagging $83,040 before giving back some of the gain. The digital asset continues to defy seasonal “Uptober” expectations as macroeconomic factors weigh on sentiment.
Brent crude traded near $108 per barrel following weekend attacks on Persian Gulf tankers and Russian crude facilities. The consumer price index rose 3.7% in September year-over-year, while the producer price index jumped 6.3%, the biggest annual rise since 2022.
Consequently, markets see roughly a Gold-price-review-for-the-week-ahead-84/”>15% chance of a quarter-point rate hike from the Federal Reserve next week. The 10-year Treasury yield sits at 5.08%, data shows, drawing capital away from risk assets.
Meanwhile, spot Bitcoin ETFs lost about $910 million in outflows over two weeks. The Nasdaq Composite fell more than 2% on Friday and closed its worst week since June.
Hotter inflation and higher yields make debt costlier for AI companies that borrowed heavily for data centers.
On the daily chart, Bitcoin sits right on the 0.236 Fibonacci retracement at $81,603. Holding this level keeps the climb from the $87,422 high intact, though the bounce remains weak.
The 50-day exponential moving average at roughly $80,548 sits above the 200-day EMA at about $75,932, a bullish golden cross formation. However, the Average Directional Index reads 21.6, below 25, indicating no firm trend.
A daily close below $81,603 opens the door to $81,196 and the 50-day EMA. Bulls need closes above $83,330 and $84,246, ideally with a rising ADX.
Market projections on Myriad suggest traders are betting on further downside.
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