**[Wintermute: Bitcoin Faces First Test After Breakout, $82,500 Becomes Key Level to Watch]** BlockBeats News, September 29: Wintermute published an article stating that, on the macroeconomic front, risk assets continued to rise last week. Even as the U.S. 10-year Treasury yield surpassed 5%, reaching its highest level since 2007, the market did not exhibit significant risk-off sentiment. Crypto assets led the rally, with altcoins collectively rising about 5%, followed closely by BTC. The Nasdaq also recorded gains, while U.S. Treasuries with maturities over 20 years performed the weakest. The report suggests that oil prices will be a key factor influencing expectations for an October rate hike. Currently, crude oil shipments through the Strait of Hormuz remain significantly below pre-conflict levels, with Brent crude prices nearing $103 per barrel. If oil prices persist around or above $100 per barrel, market expectations for another rate hike in October may remain elevated. At that point, the core question will shift to whether risk assets can absorb further short-term rate hikes amid continued pressure on bonds. In the crypto market, BTC closed above its 50-week moving average for the first time last week. The current $82,500 level represents the upper boundary of the previous consolidation range and is a key level to watch this week. If this level holds, it could serve as a foundation for the recent breakout; otherwise, a breakdown could reignite doubts about the validity of the breakout. Meanwhile, BTC's market dominance has increased, the breadth of altcoin gains has reached a high level, and institutional options trading continues to increase allocations to low-delta call options and call spreads for the end of the year. [Original Link]