Bitcoin (BTC) is holding above $79,500, but with expectations of a Federal Reserve rate hike strengthening ahead of the September 11 US Consumer Price Index (CPI) release, the outlook for a breakout above $82,300 is becoming increasingly uncertain. Over the past week, the correlation between BTC and gold has weakened significantly, with the correlation coefficient between the two assets falling to 0.27 by September 6 (Sunday), after reaching a three-year high of approximately 0.92 on August 28. This decline in correlation suggests that BTC is not following gold's price movements but is instead reacting to its own liquidity conditions and derivative market positioning. Despite stronger rate hike expectations following robust US employment data, BTC has remained resilient, and from a technical perspective, buyers appear to have the upper hand as long as it stays above $79,500. The key to continued upside is a breakout above $82,300, while on the downside, $76,000-$77,000 are the main levels to watch. Additionally, the announcement of additional purchases by Strategy, the corporate holder of the world's largest Bitcoin reserves, is drawing attention from market participants.
MicroStrategy IncorporatedStrategy's additional Bitcoin purchases are mentioned, but impact on its stock is unclear.
