Bitcoin Faces Crucial Macro-Heavy Week as Yields Rise

Bitcoin's technical setup looks promising, but it faces significant challenges this week. The cryptocurrency has been consolidating around $85k for five weeks, while weekly closes continue to form higher highs.

The latest weekly wick reached $87k, indicating that buyers are still defending the higher ground. If this structure holds, Bitcoin could follow its October seasonality and push the price to $98k by month-end.

However, the upcoming macro-heavy week poses a risk of further downside pressure. Rising yields and increased interest rates could decrease demand for risk assets like Bitcoin.

The Coinbase Premium Index shows early signs of recovery, indicating that U.S. spot demand is returning. However, it's unclear whether this will be a genuine catalyst or a short-lived bounce before another bearish phase.