Bessent Just Made His Move. Is Bitcoin Ready? with Kris Bullock & Bijan Maleki | Trading The Market - September 9, 2026

Bijan Maleki (0:06)

Happy Wednesday, everyone, and welcome back to another edition of Trading the Markets. This is the show where we take your questions live. So if you have any, drop them in the live chat on platform or here on Discord. And we look at the charts and we just try to see what's going on in the market. I'm Bijan Maleki and of course we're joined by Kris Bullock, aka Blasto Plas.

Not as action-packed as we thought it might be today, but hey, that's just what it is in crypto. Some days are crazy, some days are you're waffling, and some days are you wish for the boring days. So without further ado, Kris, happy Wednesday. How are you doing?

Kris Bullock (0:54)

Yes, very good. Yeah. Kind of like I said, we're sort of the calm before the storm still is I think the better way to describe it. One of the things I made the mistake of yesterday when we talked about what we were going to talk about today on yesterday's show, I mentioned the FOMC and then I realized after the fact that the FOMC isn't until next Wednesday, not today. So I screwed that part up. But the the Fed bond buybacks, or I'm sorry, the Treasury bond buybacks, that did get announced today. And if you kind of to recap a little bit, they talked about initially doing $2 billion worth of buybacks. And then Bessent came out and said, maybe we'll do more than two, like maybe four. And so the official announcement actually dropped this morning, which I have here. And they decided to do oops, they decided to do 6 million, 6 million in buy, or billion rather, I'm sorry, billion in bond buybacks. Now, that that said, they have the list of the bonds that are going up for sale. Just because they're allocating 6 billion to that does not mean that all 6 billion will be spent or all of those bonds will be bought back. It depends on the price and the just if it's a good deal or not, basically. And so we have tomorrow is the actual auction. So we have to wait until tomorrow at 1:40 p.m. That's when it starts Eastern time to see what the actual real outcome is. We know it's a maximum of 6 billion, but the actual reality could end up being a bit less. So what that means is what we're going to look for.

These are 10 and 20 year bonds. So we're really going to see what that does to the price of the 10 year yield, which is what I have pulled up here. We want to see this come down. That's really the goal here. We want to see the 10 year yield come down. We want to see the dollar go down, and we want to see just things start to move in a more favorable direction. So I'll be looking for that.

We'll be looking at the dollar to see what it does here. I think if both of those can start to go down, that will further improve financial conditions, and that will be beneficial for crypto, that will be beneficial for gold, less so for stocks, but still beneficial for stocks. So, again, wheels are in motion, good things are likely happening, and then of course we do have the rate, potential rate hike next week. It's kind of, it's inching into closer to 60% territory that we do get an actual rate hike next week.

But I think the big takeaway from that is, while yes, that is a thing, the liquidity actions that the Fed is taking, that the Federal Reserve is taking on the spawn market is actually going to be more impactful in the long run than any rate hike, any 25 basis point rate hike is going to do. So that's what's really going to make the difference. And so that's what I'm looking for. So that's going to be the big watch in terms of what we're seeing with crypto, what we're seeing with yields, what we're seeing with rate hikes, all of that stuff. So what I want to focus on today is just where is everything at from a crypto standpoint, because there's a lot of really good setups. Actually, let me go to this chart here. It's a little cleaner. There's a lot of really good setups that I'm seeing where things have coiled sideways, they've consolidated, they've waited for the moving averages to catch up. Remember, I was like, well, let's wait until the 10 day catches up first and see what that looks like. And then it caught up to the 10 day and kept grinding sideways. I said, okay, well, let's see what happens when we get to the 20 day. And now, almost across the board, pretty much with all of these, we've got this similar pattern where it ran up, it's consolidated sideways, and now we've got both the 10 and the 20 day moving averages pretty much met up. And usually when this happens, when we get a setup like this, this pattern here with the 10 kind of going up and going sideways and meeting the 20, this is like a really strong signal most of the time. And usually when we see this, it's like coiled for launch, you know, I like to say, and all it's going to take is a good upside catalyst to have it rip to a new level. And we know right now that level is that 83,000 that we've been looking at, this yellow line right here. And so I'm hoping that tomorrow we get these bond buybacks, that drops the 10 year yield, and we start to see stuff start to move. So I'm, you know, too bad it's not today, and we can't talk about it already, it's not happening, but that's what I'm looking for. That's the sort of outcome, that's the pattern I'm seeing. We look at Bitcoin, it looks like this. Ethereum looks almost identical, if not arguably a little bit better. But I mean, again, just perfect sideways consolidation, very little retracement. In this case, the 10 and the 20 are perfectly overlapping. And you know, it's ready to go. Solana, very similar, not quite exactly, but I mean, there are thereabouts, you know. So, a lot of these look really good. We can go through a bunch of different ones and ones that you guys want to request to check out. But a lot of them look like this. There has been a few, like if I zoom out to the weekly timeframe, there's been a few that have really outperformed more than most. Actually, Solana is one of them. And what I'm looking at there is, you know, I go back to this first week we had, this big breakout week.