Good morning, team!
There are days when the reaction tells you more than the news. This looks like one of them.
The US 10-year yield hit a 24-year high around 5.34%, the dollar moved to its strongest level in roughly 18 months, and another $92.9M left spot Bitcoin ETFs. None of that stopped BTC from reaching $86,885.
That is meaningful relative strength.
It does not mean the market suddenly became risk-free, though. Today’s September employment report is the next catalyst, with economists looking for roughly 90K new jobs and a 4.1% unemployment rate.
👀 The Fed angle is what makes the release dangerous. October hike odds have fallen to around 28%, so unexpectedly strong labor data could reverse part of that move and put pressure back on risk assets.
Bitcoin is holding near $86K for now. As long as $85K survives, I’m treating the breakout as valid and keeping $86.9K–$87K in focus.
If $85K disappears after the data, the message changes quickly.
BTC has shown strength. Today we find out whether that strength can survive a real macro test.
PROtrading ☄️