Bitcoin Tests Key Support as Oil and Yields Weigh

Bitcoin trades at $82,164, holding just above a key technical support line after touching $83,040 earlier in the session, according to Decrypt. The digital asset faces broad macroeconomic headwinds as Brent crude trades near $108 a barrel following supply disruptions, keeping rate-hike fears alive alongside a 10-year Treasury yield sitting above 5%.

Macro Pressures and Spot ETF Outflows

According to Decrypt, macroeconomic data continues to weigh heavily on risk assets, with the consumer price index rising 3.7% in September and the producer price index jumping 6.3%. Meanwhile, spot Bitcoin ETFs lost about $910 million over a two-week period. Higher borrowing costs have also pressured artificial intelligence infrastructure companies, creating a broader risk-off environment that has dragged down cryptocurrency markets alongside equities like the Nasdaq Composite.

Technical Outlook and Momentum

On the daily chart, Bitcoin sits directly on the 0.236 Fibonacci retracement level at $81,603. Technical indicators show neutral readings with the Relative Strength Index at 49.3 and the Average Directional Index at 21.6, indicating no firm trend. However, the Squeeze Momentum Indicator has remained active for 13 days, signaling compressed volatility similar to a coiled spring.

Key facts

• Bitcoin trades at $82,164, sitting on the 0.236 Fibonacci retracement level at $81,603.
• Spot Bitcoin ETFs recorded outflows of approximately $910 million over two weeks.
• Brent crude trades near $108 per barrel following weekend supply disruptions.
• The 10-year Treasury yield remains above 5%, sitting at 5.08% according to CNBC data.