Bitcoin briefly soared to $84,000 on Wednesday morning before retreating to around $83,200, marking a 0.5% decrease for the day. This movement highlights Bitcoin’s continued oscillation between the 50-day moving average of $81,000 and the key resistance level of $84,000.
Market Momentum Stalled
The 50-day moving average, a critical indicator of mid-term market trends, has seen buyers defending the $81,000 mark. Despite attempts, Bitcoin has yet to break through the $84,000 ceiling, reflecting cautious sentiment within the market.
FxPro’s Chief Market Analyst Alex Kuptsikevich remarked, “Institutional investors rank Bitcoin comparably to Nasdaq 100, and wary sentiments in Nasdaq limit Bitcoin’s potential for stronger gains.”
FxPro, a global brokerage offering trading services across numerous markets, suggests that stock market fragility continues to dampen appetite for crypto assets, restraining their potential rise.
Altcoins Show Muted Performance
Among major cryptocurrencies, ZEC and TRX stood out, each increasing by about 1%. Meanwhile, HYPE experienced a notable 2% decline to around $81. Solana fell by 1.4%, while Ether dipped 1%, settling just below $2,500.
Focus Shifts to Nasdaq and US Indicators
Nasdaq 100 futures displayed no clear trend, while a chipmaker-focused ETF suggested further sell-offs despite a 2% rise in ASML’s shares in Europe. ASML disclosed its inability to meet demand over the next couple of years, affecting sentiment.
In the US, investors are monitoring earnings from Bank of America and Morgan Stanley. Additionally, September’s inflation report, anticipated to reveal a slowdown in core price pressures, is pivotal for the direction of risk assets.
“A daily close above $84,000 for Bitcoin could be the first tangible sign that buyers are breaking out of the current range,” analysts noted.
With the $84,000 mark highlighted as a short-term threshold and $81,000 as the main support zone, the ongoing price movement underscores the crypto market’s sensitivity to signals from tech stocks and macroeconomic data.
