CoinDesk
Bitcoin traded just above $84,000 on Friday, flat over 24 hours after falling below that level on Wednesday. Most major tokens moved less than 2%, while ONDO rose 27% to about $0.54 and Quant gained 39% to nearly $100.
Why it matters
Bond markets offered some relief after a sharp selloff: the 10-year Treasury yield slipped 2 basis points to 5.17% in Asia, following a jump of more than 20 basis points over the previous two sessions. Brent crude fell 1% to about $105 a barrel amid reports that Washington and Tehran are exploring a phased deal to reopen the Strait of Hormuz.
FxPro chief market analyst Alex Kuptsikevich described Bitcoin's pullback as a possible pause in the uptrend that began in mid-August. He said BTC had met resistance near a previously significant support level and had not completed a 161.8% Fibonacci extension in one move. Kuptsikevich added that a decline to $70,000 could hurt short-term speculators without, in his view, overturning the longer-term bullish outlook.
Market impact
Bitcoin entered Friday's Deribit options expiry below $85,000, a strike with one of the largest blocks of call options. That level is a key near-term reference for traders as the market weighs the pullback against the analyst's view that the broader uptrend remains unfinished.
The pause in Treasury yields and the reported diplomatic discussions offered a calmer macro backdrop, but Bitcoin was little changed over 24 hours. Friday's expiry and the $85,000 strike remain in focus alongside the $70,000 level cited in Kuptsikevich's downside scenario.
Frequently asked questions
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What does FxPro's Alex Kuptsikevich see in Bitcoin's pullback?
He views the decline as a possible pause in the uptrend that began in mid-August, after Bitcoin met resistance near a previously significant support level.
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What Bitcoin price level did Kuptsikevich say could hurt short-term speculators?
He said a decline to $70,000 could be painful for short-term speculators but would not, in his view, undermine the bullish outlook.
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Why is $85,000 in focus for Bitcoin traders on Friday?
Bitcoin entered Friday's Deribit expiry below $85,000, a strike carrying one of the largest blocks of call options.
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How did Treasury yields move as Bitcoin held near $84,000?
The 10-year Treasury yield slipped 2 basis points to 5.17% in Asia after rising more than 20 basis points over the previous two sessions.
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Which smaller tokens outperformed while most major tokens moved less than 2%?
ONDO rose 27% to about $0.54, while Quant gained 39% to nearly $100.
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