Bitcoin traded just above $84,000 on Friday, flat over 24 hours after falling below that level on Wednesday. The move came as 10-year Treasury yields slipped two basis points to 5.17%, following a 20 basis point jump over the previous two sessions. Brent crude fell 1% to roughly $105 per barrel.
Most major tokens moved less than 2% on the day. Smaller assets outperformed, with ONDO surging 27% to 54 cents and Quant climbing 39% to nearly $100.
Alex Kuptsikevich, FxPro chief market analyst, said Bitcoin’s price action reflects unfinished upside momentum. “As with the overall market capitalisation, the leading cryptocurrency encountered resistance near a previously significant support level. However, BTC failed to complete the Fibonacci extension pattern to 161.8% of the impulse that began in mid-August in a single move. Despite the pullback, the ongoing, unfinished nature of the uptrend suggests it may be a temporary pause on the way up,” Kuptsikevich said.
Kuptsikevich framed a potential deeper decline as survivable for the longer-term narrative. “It is worth remembering that in 2021, Bitcoin lost over 50% from its peak before reaching new highs. Similarly, today, a decline to $70K may be painful for short-term speculators, but it does not undermine the bullish outlook,” he added.
Options markets show positioning ahead of expiry. Deribit, the major options exchange, has a large block of call options at the $85,000 strike.
