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BTC 
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ZEC Bitcoin is struggling to stay above $84,000. The market is waiting for key US economic data.
In the early trading on Wednesday, the price of Bitcoin briefly rose to $84,000, before falling back to around $83,200. The decline was 0.5% within a single day. This trend indicates that Bitcoin is continuing to oscillate between the 50-day moving average of $81,000 and the key resistance level of $84,000.
Market momentum has stalled.
Near the 50-day moving average, which serves as a key indicator of medium-term market trends, buyers are actively defending the $81,000 level. Although buyers have tried several times to break through this level, Bitcoin has not been able to firmly hold above $84,000, indicating that market sentiment remains cautious.
Alex Kuptsikevich, chief market analyst at FxPro, said, “Institutional investors compare Bitcoin to the NASDAQ 100 index. However, the cautious sentiment in the NASDAQ market limits Bitcoin’s potential for further gains.” FxPro is a brokerage firm that provides trading services in multiple markets around the world. Their analysis suggests that the vulnerability of the stock market continues to dampen investors’ enthusiasm for cryptocurrency assets, thereby restricting its potential for further growth.
Altcoins have performed modestly.
Among major cryptocurrencies, ZEC and TRX have performed relatively well, with increases of about 1% each. Meanwhile, HYPE has seen a significant pullback, falling by about 2%, with prices dropping to around $81. Solana fell by 1.4%, and Ethereum fell by 1%, with prices slightly breaking below the $2,500 mark.
Focus is shifting towards NASDAQ and US economic indicators.
The trend of the NASDAQ 100 futures lacks a clear direction. Although the stock price of ASML in Europe increased by 2%, the ETFs focused on chip manufacturing still suggest further selling pressure. ASML has announced that it will not be able to meet market demands in the coming years, which has affected market sentiment.
In the United States, investors are closely monitoring the financial reports of Bank of America and Morgan Stanley. Additionally, the inflation report in September, which is expected to show a slowdown in core inflation pressures, will be crucial in determining the direction of risk assets.
Analysts say, “If Bitcoin can maintain a price above $84,000 at the daily close, this would be the first significant sign that buyers are ready to break out of the current consolidation zone.”
With $84,000 established as a short-term threshold, and $81,000 becoming the main support level, the current price movement further highlights the high sensitivity of the cryptocurrency market to signals from technology stocks and macroeconomic data.
