Bitcoin's Breakout Hopes Face Rising Yield Pressure

Bitcoin's technical setup is looking bullish, with a potential breakout or breakdown looming in the coming 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. This setup suggests that Bitcoin could follow its October seasonality, which has averaged an 18% ROI, potentially pushing the price to $98k by month-end.

However, rising Treasury yields and a potential increase in interest rates could put pressure on Bitcoin. The U.S. 30-year mortgage rate has jumped to 7.6%, with 10-year and 30-year Treasury yields also climbing to multi-month highs.