In this Bitcoin Elliott Wave analysis for September 5, 2026, we examine the critical $83,000 resistance level. Video by More Crypto Online.
Bitcoin currently struggles to sustain momentum below the 50-week simple moving average, exhibiting signs of a completed 5-wave move to the upside. The short-term expectation for one more high has been met, shifting our focus to potential top formation signs.
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0:00 Bitcoin 50-week SMA status
3:36 Resistance and 1-2 setup overview
5:21 Sponsor segment
6:04 Short-term time frame and wave 4
9:07 Conclusion
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Bitcoin Insights Today
-The "Amplified Gold" Narrative: Amid a massive surge in bond yields (with the 10-year Treasury yield nearing 5%) and growing anxiety regarding the U.S. national debt-to-GDP ratio sitting at roughly 122%, Bitcoin's 90-day correlation with gold has hit a six-year high. Investors are increasingly treating Bitcoin as a hard-asset debasement play rather than a pure tech-stock proxy.
-Macro Headwinds vs. Fed Policy: Market sentiment took a hit following yesterday's U.S. Nonfarm Payrolls (NFP) report, which showed the U.S. adding 162,000 jobs in August—nearly triple expectations. The robust data initially heightened fears of a hawkish Federal Reserve rate hike in September. However, subsequent remarks from Fed Governor Christopher Waller hinting at encouraging disinflation have left the odds of a September hike split down the middle at a 50/50 coin flip.
-On-Chain Whale Movement: Data from CryptoQuant indicates that long-term "OG" holders have intensified their on-chain activity. The 90-day moving average of spent UTXOs for coins held over five years nearly doubled from May to 1,500 BTC today. Analysts interpret this as institutional wallet reshuffling and custody migration rather than retail selling pressure.
-ETF Profit Taking: U.S. Spot Bitcoin ETFs registered roughly $268 million in net outflows over the last session. Market strategists view this as short-term profit-taking following a massive multi-week influx, rather than a macro structural shift.
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