Bitcoin Awaits Breakout or Breakdown in $98k Target Week

Bitcoin has been consolidating around $85k for five weeks, with weekly closes forming higher highs. The latest weekly wick reached $87k, indicating that buyers are defending the higher ground. This setup has led some to predict a potential breakout, with Bitcoin possibly reaching $98k by the end of the month. However, the coming week will be critical, with several macro-heavy events scheduled, including ISM Services PMI, ADP Employment data, and FOMC minutes. The market is also watching U.S. Treasury yields, which have risen to multi-month highs, potentially posing an obstacle for Bitcoin as higher interest rates often decrease demand for risk assets. The Coinbase Premium Index has shown early signs of recovery, indicating a return of U.S. demand, but it's unclear whether this will be a genuine catalyst or a short-lived bounce. Whale orders are also accumulating, with a $13.25 million bid at $82,500 and a $15.52 million ask at $84,799.90, but this could also be early positioning ahead of higher volatility. The recent recovery in Bitcoin's Coinbase Premium Index appears suspicious, and the upcoming macro week poses a clear risk of further downside pressure. The technical setup near $85k is increasingly bearish, with the risk of a deeper pullback.