Bitcoin Ticks Higher But Macro Backdrop Caps Gains — Market Talk

Bitcoin ticks higher in the Asian trading session but stays around the $77,000 area as high bond yields and rate expectations keep $80,000 out of reach. With sovereign yields setting new cycle highs and ETF turnover subdued, the market has settled into a well-defined trading range, Glassnode says. After the mid-August short squeeze and a brief wave of euphoria that pushed Bitcoin above $80,000, it has met steady supply and turned lower, triggering a sequence of long liquidations, Glassnode adds. Nic Puckrin, cross-asset analyst and founder of Coin Bureau, says Friday's jobs report could be the next catalyst. If the labor market looks strong, that would confirm fears of rate increases, which tend to be bad news for Bitcoin, he says. Bitcoin up 0.3% at $77,616. ([email protected])