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Source: Newsmaker.id
Bitcoin held steady above US$82,000 during Friday's trading (Oct 9), with its price rising 0.7% to US$82,391.3. Despite the recovery, Bitcoin remains on track for a weekly decline of approximately 4.5%, potentially snapping a three-week winning streak. Market pressure persists due to high US Treasury yields and economic uncertainty, prompting investors to be more selective regarding risk assets.
Expectations that the Federal Reserve might still raise interest rates before year-end are also limiting Bitcoin's appeal. Higher interest rates force risk assets like cryptocurrency to compete with yield-bearing, bond-based instruments. Following a strong rally throughout the third quarter, the market also began facing profit-taking in early October. Outflows from US spot Bitcoin ETFs exceeding US$700 million over the week further indicate that institutional demand has not yet fully returned.
Movements among other major cryptocurrencies were mixed. Ethereum edged up 0.2% to US$2,478.29 but still recorded a weekly drop of over 8%. XRP strengthened 0.6%, while BNB rose 0.7%, despite remaining down more than 7% for the week. Conversely, Solana weakened 1% and Cardano fell 0.2%. Dogecoin and the TRUMP token bucked the trend, gaining 0.4% and 1.3%, respectively.
Market sentiment was also slightly bolstered by a drop in oil prices after US President Donald Trump stated there would be no new attacks on Iran prior to the November midterm elections. Easing geopolitical risks could alleviate pressure on inflation and yields, potentially giving risk assets room to hold their ground. However, investors remain focused on Federal Reserve policy developments and the direction of the US bond market.
Newsmaker Analysis: Bitcoin is showing signs of stabilization following a week-long correction, though the current rebound lacks the strength to confirm a trend reversal. ETF outflows, high yields, and expectations of a tight interest-rate environment remain key headwinds, while mixed altcoin performance indicates that investors are still being selective. Should yields and the dollar weaken again, there may be room for a Bitcoin recovery. Conversely, a renewed rise in yields and hawkish signals from the Federal Reserve could reignite selling pressure, particularly for altcoins characterized by higher volatility.
Source: Newsmaker.id