[Analysis] Bitcoin Faces Spot Selling Pressure Around $81,000 as U.S. Jobs Data, Long-Term Yields Set Direction

Forecast Trend Report by Period

Bitcoin's leverage overhang has eased, but spot selling around $81,000 is still limiting further gains, QCP Capital said. The cryptocurrency's next move will likely be driven by U.S. employment data and the direction of long-term Treasury yields.

In a market report released on Sept. 4, the digital-asset trading firm said Bitcoin's main constraint is no longer excessive long leverage but spot selling clustered near $81,000. Bitcoin traded in a range of about $76,700 to $81,500 this week, with two rallies rejected in the $81,000 to $86,000 zone.

Leverage in the futures market remains relatively subdued. Bitcoin futures open interest is hovering near a five-month low, while open interest backed by crypto collateral accounts for only about 11% of the total. Funding rates have also remained below 10% on an annualized basis.