Bitcoin and Nasdaq Test Key Resistance Amid Macro Headwinds

The market backdrop is currently challenging both Bitcoin and the Nasdaq 100. Treasury yields have risen to around 5.27%, and oil prices have surpassed $100 a barrel, feeding concerns about inflation and influencing traders' expectations of Federal Reserve actions.

According to Reuters, investors are weighing the possibility of another rate hike in October. The tensions between the U.S. and Iran, as well as uncertainty surrounding the Strait of Hormuz, are keeping energy markets volatile. Tighter financial conditions are a significant headwind for risk assets, including crypto and tech.

Bitcoin is currently trading around $84,000. It has formed a double bottom pattern after dipping into the $82,500-$82,800 zone twice before being pushed back up by buyers. However, this pattern requires confirmation with a clean hourly close above resistance at $84,000-$84,200.