Bitcoin Price Capped by Spot Selling Pressure as Jobs Report Looms
Bitcoin's ability to push higher is being hindered by spot selling pressure around $81,000, according to QCP Capital. Despite net inflows of $731 million into U.S. spot Bitcoin ETFs, heavy sell orders near recent highs have prevented the cryptocurrency from closing at a higher level.
The trading firm notes that leverage in the futures market has eased, with open interest hovering near a five-month low and funding rates below 10% on an annualized basis. However, spot flows are returning, with U.S. spot Bitcoin exchange-traded funds recording net inflows of $730.9 million on September 3.
QCP Capital believes that the next directional move for Bitcoin will depend on the U.S. August jobs report and long-term Treasury yields, particularly the 30-year yield. A weaker-than-expected reading could reduce expectations for a September rate increase, while a stronger report could reinforce tighter policy.
The upcoming purchase of long-dated bonds by the U.S. Treasury may also have an impact on liquidity in the long-end market and government bond yields.