The cryptocurrency market is under strong macroeconomic pressure, leading Wintermute to remain highly cautious ahead of the Federal Reserve meeting. Bitcoin recorded its third consecutive weekly decline, falling 2.43% and breaking below the $82,500 support level to reach $80,500 amid $636 million in ETF outflows and a 2.6% drop in the Nasdaq. Brent crude surged 5.66% to $116.72 because of energy crisis concerns and inflationary pressure, while U.S. Treasuries gained 1.6% and the 10-year yield settled at 4.99%. Wintermute says Brent needs to breach $120 for a December rate hike to become the Federal Reserve’s base case. Bitcoin’s bullish scenario involves returning to $82,000-$82,500, while a break below $80,000 could send it toward $76,000 and potentially the low $70,000 range.
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