Bitcoin (BTC) opened the week below $83,000, influenced by geopolitical tensions and market dynamics. Despite this dip, BTC is up more than 40% for Q3, positioning it for its strongest quarterly performance since 2017.
The cryptocurrency experienced a significant weekly close at $84,450, its highest since late January, before falling to a one-week low of $82,557. Market liquidity shifts have created resistance, with a notable $30 million in ask liquidity at approximately $85,700.
As key economic data is set to be released, including the August PCE inflation index and September nonfarm payrolls, market expectations are leaning towards further interest rate hikes by the Federal Reserve. Current odds for a 0.25% increase in October have risen to 70%.
Analysts highlight the critical support level at $82,500 for Bitcoin, which is essential for maintaining bullish momentum. A failure to hold this level could jeopardize its recovery pattern observed since the 2022 bear market.
As the market navigates both inflation data and geopolitical uncertainties, Bitcoin’s performance remains a focal point for investors, with potential for volatility in the coming days.