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Bitcoin, which had been trading in a tight range has broken out on the upside from its descending channel. The positive move comes as the dollar is quickly losing steam and treasury yields have come down from their recent highs. Bitcoin is now facing technical resistance at around USD20'600. 

The crypto king is on the rise as Treasury yields are retreating ahead of Powell's speech. Could we be past the peak in yields? 

The world’s largest cryptocurrency Bitcoin (BTC) has entered a strong correction dropping further to its June 2022 lows, following the broader selloff in risk-assets. The growing uncertainty in global macros together with a strong dollar is putting pressure on risk assets and cryptocurrencies. Bitcoin has shed more than 6% so far this week and is trading near USD18'700 this morning.

Bitcoin was making a decent comeback, topping USD25'000 at one point on August 14-15. But the cryptocurrency fell back to below USD22'000 as momentum began to fade. A number of factors are hurting sentiment and keeping traders on the sidelines including 1. Fed hikes and inflation perspectives, 2. continuous headlines about troubles among crypto companies and miners selling coins, 3. the looming regulation around crypto. The looks of it suggest that Bitcoin could find it difficult to get a bid significantly higher before the Fed's meeting next month. Next Friday US inflation data (PCE) could offer perspectives on the fed's next move.

Bitcoin is adding more than 2.5% this morning following BlackRock partnership news. The announcement shows sophisticated investors are growing more comfortable with the crypto market, improving the sentiment in the short term and allowing further development in the industry from a long-term perspective. Today, traders will be following US jobs data as it could move the market. Bitcoin holders are hoping for softer nonfarm Payrolls, a move that could add pressure on the fed and refrain it from hiking very aggressively.