Bitcoin Bounces as Bond Yields Reach Multidecade High

Bitcoin rebounded to $84,000 on Tuesday without falling below $82,500, a crucial level of support that analysts had warned about.

The sudden price increase comes as US 30-year bond yields hit their highest level since June 2002, reaching 5.58% and then easing slightly to 5.55% at the time of writing.

According to Glassnode analysis, profit-taking among Bitcoin investors is increasingly impacting price momentum, with both realized and unrealized profits increasing considerably over the past week.

The US 30-year bond yield has been steadily rising, reflecting a historic bond bear market. The 10-year yield also reached its highest level since June 2007, hitting 5.26% before easing to 5.23% at the time of writing.