On Friday, Bitcoin maintained a position just above $84,000, remaining stable over the last 24 hours after dipping below that mark on Wednesday, according to CoinDesk data. Most major cryptocurrencies experienced minimal fluctuations, with most moving less than 2%. However, smaller tokens saw significant gains; ONDO surged by 27% to approximately 54 cents, while Quant jumped 39% to nearly $100.
In the bond market, stability was observed in Asia. The yield on 10-year Treasury bonds fell by two basis points to 5.17%, following a rise of over 20 basis points in the previous two sessions. Additionally, Brent crude oil prices decreased by 1% to around $105 per barrel, amid reports that the United States and Iran are considering a phased agreement to reopen the Strait of Hormuz.
Alex Kuptsikevich, chief market analyst at FxPro, interprets Bitcoin’s recent decline as a temporary setback, falling short of the target levels anticipated by technical traders for the rally that started in mid-August.
"Similar to the overall market capitalization, Bitcoin encountered resistance near a previously significant support level. However, BTC did not manage to complete the Fibonacci extension pattern to 161.8% of the impulse that initiated in mid-August in one go. Despite the recent pullback, the ongoing and incomplete nature of the uptrend suggests that this could be a brief pause on the upward trajectory," he noted in a report.
"It's important to recall that in 2021, Bitcoin experienced a decline of over 50% from its peak before achieving new highs. Likewise, a drop to $70,000 may be challenging for short-term traders, but it does not detract from the overall bullish sentiment," he added.
As Bitcoin approaches Friday's Deribit expiry, it remains below the $85,000 mark, which holds one of the largest collections of call options.