Bitcoin stalls near $85,000 as macro liquidity risks persist
Bitcoin remains range-bound in the $80,000s despite bullish technical signals, with analysts warning that high margin debt poses a systemic risk. Jamie Coutts of Real Vision argues that current dips are buying opportunities, predicting a rapid move to $100,000 if resistance breaks.
Bitcoin is currently stalling in the $80,000 range, having recently touched $85,000 but failing to break out or down. Jamie Coutts of Real Vision identifies a bullish divergence on weekly charts, noting that the Relative Strength Index is making higher lows while price tested the $58,000-$59,000 support zone in July. He observes that Bitcoin's relative performance against the NASDAQ and gold is showing signs of inflection, suggesting momentum is returning to the asset class.
However, Coutts flags significant macro risks. The global liquidity index momentum has been declining since the first quarter, and margin debt hit a 127% three-month annualized rate of change in the second quarter, the highest level since 2007. He warns that if equity markets pull back, the US government may be forced to inject liquidity to support growth and tax receipts. Coutts maintains an extremely bullish posture, viewing the low for Bitcoin as already established and treating dips to $70,000 as buying opportunities. He predicts that if Bitcoin breaks the $85,000-$87,000 resistance cluster, it could rapidly move to $100,000, with the rest of the crypto sector potentially moving 1.5 times Bitcoin's gain.