Strategy Boosts Bitcoin, But Macro Forces Weigh on Momentum
Bitcoin's recent surge has been met with a new challenge as rising Treasury yields and stronger Federal Reserve rate-hike bets weigh on its momentum. This comes after Strategy resumed institutional buying with a $369.7M Bitcoin purchase, restoring corporate demand near the $80K mark.
The renewed buying activity follows a 10-week pause and has contributed to a nearly 25% August rally, pushing BTC to around $78,015 at the time of writing. However, the increased inflation risk due to rising oil prices above $91 is capping Bitcoin's attempt to break and hold above $80,000.
Support sits near $77,000, but the macro backdrop remains weaker than expected. This development affects crypto market sentiment and could influence CEX and DEX flows, as well as broader adoption.