Cryptocurrencies have entered a more challenging phase and given back part of the gains seen after last week’s breakout, with Bitcoin trading back near $83,000 compared with around $87,000 last week. Unfortunately, demand in spot markets is still failing to keep pace with ETF buying and stronger activity in derivatives markets. A stronger US dollar and higher bond yields appear to be exerting only limited pressure on Bitcoin prices so far.

Bitcoin chart (D1 interval)

Looking at the chart, Bitcoin has already delivered two impressive bullish impulses and, although momentum has weakened, a return toward the $87,000–$90,000 area remains possible. The EMA200 and EMA50 have formed a “golden cross” for the first…