Bitcoin is holding steady just above the $84,000 mark, having stabilized over the last 24 hours after a slight dip earlier in the week, as reported by CoinDesk. Most leading cryptocurrencies have seen only minor fluctuations, usually less than 2%. In contrast, lesser-known tokens have experienced substantial increases, with ONDO surging 27% to around 54 cents and Quant climbing 39% to nearly $100.
In Asia, the bond market showed signs of stability, with the yield on 10-year Treasury bonds decreasing by two basis points to 5.17%. This follows a significant rise of over 20 basis points in the past two trading sessions. Additionally, Brent crude oil prices fell by 1% to about $105 per barrel, amid news of possible negotiations between the U.S. and Iran to reopen the Strait of Hormuz.
Market analyst Alex Kuptsikevich from FxPro views the recent Bitcoin dip as a temporary hurdle, as it has not yet met the expected technical targets from the rally that began in mid-August. He stated, "Bitcoin faced resistance at an important support level, but the ongoing upward trend suggests this setback may be brief." He also highlighted that past declines, such as the more than 50% drop in 2021 before reaching new highs, do not detract from the overall positive sentiment surrounding Bitcoin. A retreat to $70,000 could challenge short-term traders but may not impact long-term bullish outlooks.
