Bitcoin Price Prediction: $80K Breakout Hinges on New Catalyst

However, no progress has been made in the negotiations lately, and a prolonged conflict threatens to keep oil prices at high levels, which could result in high inflation for a longer period than expected.

Moreover, a stronger than expected jobs report published last week pushed the odds of a rate hike during the next FOMC meeting back to 58% after they briefly dipped at some point.

This is a headwind for risky assets like Bitcoin as it results in stricter financing conditions and lower liquidity across the markets.

Net Inflows to Bitcoin ETFs Hit $770 Million in Four Days

That said, net inflows to exchange-traded funds (ETFs) linked to Bitcoin continue to be strong in September, as $770 million have flowed to these vehicles during the first 4 business days of this month.