Wintermute said altcoins as a group fell 1.1% last week, marking their first weekly decline since early August, while Bitcoin rose 2.4%. The firm also pointed to the U.S. 10-year Treasury yield climbing to about 5.35%, its highest level since 2008, alongside a renewed increase in Bitcoin’s correlation with the S&P 500. On that basis, Wintermute said macro pullback risk currently matters more than crypto-native catalysts.
The firm added that after breaking above the $76,000 to $82,500 range, BTC has pulled back to confirm $82,500 as support. It sees the next upside test area at roughly $90,000 to $95,000. Wintermute said it would remain moderately bullish if long-end yields retreat, but for now it does not recommend chasing lower-quality altcoins. The remarks were cited by Techub News, with the item attributed to Wu Blockchain.
Wintermute said altcoins broadly fell 1.1% last week, their first weekly decline since early August, while BTC gained 2.4%.
The firm said the U.S. 10-year Treasury yield rose to about 5.35%, the highest level since 2008. At the same time, Bitcoin’s correlation with the S&P 500 moved higher again. Wintermute said that, as a result, macro pullback risk now carries more weight than crypto-specific catalysts.
BTC levels in focus
Wintermute said BTC has retested and confirmed $82,500 as support after breaking out of the $76,000 to $82,500 range. It put the next upside test zone at about $90,000 to $95,000.
The firm added that it would stay moderately bullish if long-end yields pull back, but said it does not currently recommend chasing lower-quality altcoins.
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