Bitcoin Bounces Above $84,000 as US Bond Yields Plummet

Bitcoin's price action is seeking to cement higher lows around its first October US trading session, with $84,000 in focus. The cryptocurrency pushed above this level on Thursday as US bond yields retreated after setting new multidecade highs.

The 10-year yield hit a high of 5.342% before dropping to 5.251%, a level last seen in April 2002. This decline in bond yields may be a positive sign for Bitcoin, which often moves inversely to fixed-income assets.

Analyst Rekt Capital forecasts a 'messy' retest of $82,500, saying that a successful retest there could set up the next trend continuation. The analyst previously stated that bulls' ability to hold this level as support would decide Bitcoin's broader rebound.