Foreign media believes that Bitcoin once returned to $81,000 in late August and early September, but this upward trend has now clearly slowed down. The article states that BTC is entering a sideways consolidation phase, with the range of $78,000 to $80,000 becoming a strong resistance level in the short term. The market will now pay more attention to whether macro policies will continue to provide support.
The upward momentum has begun to weaken.
The article mentions that the strengthening of the crypto market this round occurred in late August, driven by two catalytic factors. One of them is Trump's stance on crypto activities at the White House. At that time, he stated that the United States planned to purchase a large amount of Bitcoin and other crypto assets, which boosted market risk appetite.
Secondly, the U.S. Treasury Department increased its bond repurchase efforts. Foreign media believes that this measure has improved market liquidity and also provided support for risky assets, including crypto assets.
Expected support for yields again in early September
After entering September, market sentiment continued to improve for a time. Federal Reserve Governor Waller stated his support for keeping interest rates unchanged at the Federal Open Market Committee meeting in September. The article believes that this stance helped the crypto market continue its previous rebound.
However, the narrative then took a turn. The article mentions that Kevin Warsh's hawkish remarks at the Jackson Hole Conference reignited market concerns about inflation. As expectations of interest rate hikes rose, investors began to re-evaluate their holdings of high-risk assets.
If interest rate hikes are implemented or there is another pullback
The article suggests that if the Federal Reserve decides to raise interest rates in the future, Bitcoin may face a new round of adjustments. The reason is that higher interest rates typically suppress the valuation of risky assets and encourage some funds to shift towards less risky investments.
Foreign media also mentioned that the weak employment data in August further intensified the market's attention to policy changes this month. Against this backdrop, whether Bitcoin can once again reach $80,000 depends on whether interest rate expectations and liquidity conditions continue to improve.
According to this article, if macroeconomic pressures increase, BTC cannot rule out falling below $70,000 again; only if interest rates remain unchanged and liquidity continues to be loose is it possible that the current sideways range will be broken.
