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▲ Bitcoin, Crude Oil, Middle East War/AI Generated Image ©
Bitcoin (BTC) surged past $82,000 for the first time since January, quickly rising to the $87,000 resistance level. While the recovery in risk appetite due to falling international oil prices and increased trading volume are supporting the rally, rising bond yields and regulatory uncertainty surrounding virtual assets in the U.S. remain obstacles to challenging the $90,000 mark.
According to investment media FXStreet on September 23 (local time), Bitcoin recovered above $82,000 for the first time since falling below that price on January 30, then rose to around $87,000. With few major economic indicators and central bank decisions this week, expectations of easing tensions between the U.S. and Iran, and a partial recovery in Saudi Arabian oil supply, alleviated supply concerns. As a result, West Texas Intermediate (WTI) crude oil fell below $90 a barrel from over $105 a few days ago, and risk asset sentiment also improved.
While it's difficult to attribute this rally to a single clear catalyst, the surge in trading volume coincided with the upward trend. A similar increase in trading volume was observed on August 26, when Bitcoin rose from approximately $64,000 to $79,500 before its momentum weakened. The recent resumption of institutional capital inflows and increased Bitcoin futures and options trading are also suggested to have influenced this rise.
However, Bitcoin's upward momentum has paused just below $86,000, putting the buying pressure to the test as to whether it can sustain a further rally. While improved risk appetite is positive for speculative assets, high bond yields and uncertainty surrounding U.S. virtual asset regulations remain a burden. In particular, the U.S. crypto market structure bill, the Clarity Act, has not advanced in the Senate, weakening expectations for swift regulatory clarity. Indeed, the Clarity Act failed to secure the 60 votes required for passage in a Senate procedural vote on the 15th.
Technically, the upward structure is maintained, with increased trading volume and prices above the 50-day and 100-day moving averages. The breakthrough of the previous resistance level of $82,000 suggests that buying pressure is dominant. However, a short-term retracement to $84,000 could occur, and if the correction widens, there's a possibility of retesting the breakout point of $82,000.
If Bitcoin maintains the $82,000 level as support and resumes its upward trend, the next target is $90,000. However, FXStreet pointed out that caution is needed as the intensity of the recent price increase is outpacing some macroeconomic conditions. With increased trading volume and a recovery in risk appetite supporting the rally, whether Bitcoin can overcome the $87,000 resistance while absorbing bond yields and regulatory uncertainties will determine the short-term direction.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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