Bitcoin Price Rally to $90K Faces Resistance as Macro Risks Build

Bitcoin's recent price action has left traders wondering if it can rally to $90K. The cryptocurrency currently holds its 50-week exponential moving average, and reclaiming the weekly MA opens up the possibility of reaching $88,000, $90,000.

The daily 50- and 100-day MAs crossing echoes a similar event in 2023, when Bitcoin fell 17% before rallying 546%. However, spot Bitcoin ETFs recorded net outflows of $201.81 million on August 28, adding pressure near resistance.

Traders are also processing Fed Chair Kevin Warsh's hawkish Jackson Hole speech, which encouraged markets to reassess the interest-rate path. Higher borrowing costs can tighten liquidity and weigh on speculative assets, including Bitcoin.