The overnight session made another attempt to reclaim 87,000 and was swiftly rejected, leaving price consolidating underneath 86,000 without a 4-hour close above 87,000. Price continues to coil beneath the yearly open with the May 5th swing high as support, while monthly value keeps climbing and passive bids absorb the selling. Meanwhile, BlackRock's Bitcoin ETF posted its first 50-day over 200-day moving average cross since launch, and the bond market takes the spotlight this week.
🟡 October 5, 10:59am ET
The overnight session saw price make another attempt to reclaim 87,000, but it was swiftly rejected.
Price is now consolidating underneath 86,000 during the London session.
Over the last few days, price has been trying to reclaim 87,000.
So far, it has yet to post a 4-hour close above it.
Price continues to coil underneath the yearly open.
The May 5th swing high, which previously acted as resistance, is now acting as support for this local consolidation range.
Monthly value has climbed since August.
September's value area high is now acting as support for October's value area, and price is testing its upper boundary.
After failing again to reclaim 87,000, price pulled back into the demand zone below 86,000 as breakout longs were liquidated.
Until a new seller initiative emerges to overcome the passive absorption here, price will likely continue to coil and threaten a breakout to reclaim 87,000.
Bitcoin's technicals are improving, as BlackRock's Bitcoin ETF just saw its 50-day moving average cross above its 200-day for the first time since launch.
Narrative and sentiment are most sensitive to price, and now that price is constructive again, there are plenty of sound fundamentals to talk about.
The bond market is in the spotlight this week.
Services PMI printed right in line with expectations today, and Wednesday brings the FOMC minutes along with the US 10 year note auction.
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Price has spent the last few days trying to reclaim 87,000 and has yet to post a 4-hour close above it. The overnight attempt was swiftly rejected, and price is now consolidating underneath 86,000, coiling beneath the yearly open with the May 5th swing high, which previously acted as resistance, now acting as support.
Value continues to build higher. Monthly value has climbed since August, and September's value area high is now supporting October's value area. On the pullback, breakout longs were liquidated into the demand zone below 86,000, where passive bids are absorbing the selling. Until a new seller initiative emerges, price will likely keep coiling and threatening a breakout.
The backdrop is turning constructive. BlackRock's Bitcoin ETF just saw its 50-day moving average cross above its 200-day for the first time since launch, and narrative tends to follow price. With the bond market in the spotlight, the FOMC minutes and the 10 year note auction land Wednesday.