Bitcoin Blasts Past $84,000 as US Bond Yields Plummet from 24-Year Highs

Bitcoin (BTC) pushed above $84,000 as US bond yields retreated from new 24-year highs on Thursday. The 10-year yield dropped from 5.342% to 5.251%, a level last seen in April 2002. This comes after the 10-year yield set its highest levels since April 2002 at 5.342%.

According to Mahmood Pradhan, former deputy director of the European department at the International Monetary Fund, markets worldwide are 'very nervous' about mounting public debt, with rising yields increasing governments' interest costs.

Bitcoin's price action seeks to cement higher lows around the first October US trading session, with $84,000 in focus. Trader and analyst Rekt Capital forecast a fresh dip to key support at around $82,500, saying 'A successful retest there could set up the next trend continuation. History suggests this retest could get messy but let's take it one level at a time and not look too far ahead.'

Bitcoin traded between thickening liquidity on exchange order books above and below the spot price, with $84,500 and $82,900 as key areas of interest. Liquidations over the past 24 hours totaled $25 million, with nearby long and short positions helping preserve rangebound conditions.

Crypto analyst Benjamin Cowen told followers that 'Yields have gone up rapidly since the market became concerned that the Fed was no longer taking inflation seriously. Well the bond market has revolted, and until the Fed gets a proper handle on inflation, this will likely continue.'