Bitcoin Fails to Break Above $80,000 as US Stocks Rise
Bitcoin's recent attempt to break above $80,000 has been met with some skepticism after US stocks shrugged off near-5% Treasury yields. The cryptocurrency reached an intraday high of $79,890 on September 11 but failed to surpass the resistance zone identified by digital asset trading firm QCP.
The S&P 500 closed up nearly 1%, while the Dow and Nasdaq followed closely. However, the move did little to boost Bitcoin's prospects, with some analysts questioning whether the cryptocurrency has decoupled from macro conditions yet or if sellers around $80,000 have become the dominant market force.
August US inflation rose 0.4% month on month, keeping monetary policy central to Bitcoin's next test. The Federal Reserve's decision on Wednesday will be a key event for the cryptocurrency, with a break above $80,000-$82,000 potentially strengthening the recovery case and a loss of $76,300-$76,500 weakening the consolidation case.