Bitcoin Bounces to $84K as Bond Yields Reach Multidecade Highs

Bitcoin rebounded to $84,000 on Tuesday after avoiding a fall below $82,500, a crucial support level for market strength.

The US 30-year bond yield reached its highest level since June 2002 at 5.58%, but later eased to 5.55%. This historic bond bear market has continued to impact global markets.

Glassnode analysis warned of ongoing profit-taking among Bitcoin investors, with a net unrealized profit/loss (NUPL) ratio of 14.25, its highest reading since January. The ratio of coins moving onchain in profit compared to loss also increased substantially last week.