Bitcoin Price Edges Up Despite Japan Rate Hike Concerns, Surging 30-Year Bond Yields

The Bitcoin price edged up a fraction of a percent in the past 24 hours to trade at $87,061 as of 2:35 a.m. EST on trading volume that soared 18% to $76.3 billion.

This comes as Japanese 30-year government bond yields climbed to a record high on Tuesday amid concerns that the Bank of Japan (BOJ) may raise interest rates as soon as this month. Governor Kazuo Ueda said in a speech that policymakers would consider the “pros and cons” of a December rate hike.

But many traders believe the BOJ will soon start stepping back from its ultra-loose policy, a change that could send waves through global funding markets.

US Bitcoin ETFs Record Inflows

Despite an uncertain backdrop, data from Coinglass shows that US BTC ETFs (exchange-traded funds) posted a net inflow of $8.5 million yesterday, the fourth straight day of net inflows.

BlackRock’s IBIT recorded a net outflow of $65.9 million, while Fidelity’s FBTC saw a net inflow of $67 million.

This also comes as Vanguard clients will now gain access to selected crypto-focused ETFs and mutual funds holding digital assets through the firm’s brokerage platform.

According to the company, these products will be offered through third-party issuers, as it does with gold-based investment vehicles.

Vanguard emphasized that it will list only ETFs that meet regulatory requirements. These will include products tied to major digital assets such as Bitcoin, Ethereum, XRP, and Solana.

With BTC in demand from institutions, can the current surge continue?

Bitcoin Price Set For A Recovery Despite Bearish Pressure

After surging from the $73,800 in April to touch the $126,000 all-time high (ATH), the BTC price formed what looked like a rounded top on the daily chart.

The pattern has since fueled a sustained downtrend, closing below the $100,000 support area and key Fibonacci retracement level. This drop was also castigated by the BTC Simple Moving Averages forming a death cross around $110,700, as the 50-day SMA crossed below the 200-day SMA.

The Bitcoin price has since retested the $84,000 zone twice, which may be a strong support area at this level, as the latest daily candle shows that the asset is recovering.

Meanwhile, the price still trades well below both the 50-day and 200-day SMAs, which suggests that Bitcoin is still under bearish pressure.

As a result of the volatility in the last 24 hours, we have seen the Relative Strength Index (RSI) soar and plunge, and now move within the 36 area, slightly above the 30-oversold region. In the long term, the RSI indicates that sellers still have control.

However, the price of BTC may be poised for a recovery, as the Moving Average Convergence Divergence (MACD) has turned positive.

The blue MACD line has crossed above the orange signal line, forming a bullish crossover, as the green bars on the histogram start forming.

BTC/USD Chart Analysis Source: GeckoTerminal

BTC Price Prediction

Based on the daily chart, the BTC price is in recovery from below the 0.786 Fib level ($84,990), supported by the latest candle and positive momentum from the MACD indicator.

If the recovery continues and breaches the 0.618 Fib zone, the price of Bitcoin could surge further, aiming at breaking out of the $0.5 Fib zone ($99,943) to target the 0.382 Fib zone ($106,113).

Conversely, if the overall bearish trend picks up, the Bitcoin price could drop back below the $84,000 support zone, with the $73,800 level acting as a cushion against downside pressure and the ultimate support.

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