Bitcoin Steadies at Multimonth Highs Under $80,000 — Market Talk

Bitcoin rises in the morning Asia session, remaining at multimonth highs despite losing the key $80,000 handle. U.S. fiscal concerns have weighed on the dollar and encouraged flows into assets like crypto as bond markets gyrate. The ensuing rally in bitcoin has sparked a sizable swell of short liquidations. Konstantinos Chrysikos at Kudo.com says markets are also monitoring major holders like Strategy--one of the world's largest bitcoin treasury companies. Strategy has put purchases on hold and a return to accumulation could drive the cryptocurrency to new highs, he says. Attention is also on U.S. PCE and GDP releases, which could influence Fed rate expectations. Currently, markets are pricing one rate hike toward year's end. Nvidia's results could also affect risk appetite, swaying bitcoin, Chrysikos adds. Bitcoin rises 0.8% to $78,835. ([email protected])