Bitcoin Brushes Off Bond Yield Spike to Rebound to $84K

Bitcoin rebounded to $84,000 on Tuesday after avoiding a drop below $82,500, a crucial level of support. This came as US 30-year bond yields set a 24-year high at 5.58%, their highest since June 2002.

The recent uptrend in Bitcoin's price is facing potential pressure from geopolitical uncertainty, macroeconomic data risk, and broad-based deleveraging, according to QCP Capital.

Analysts warned that profit-taking among Bitcoin investors is increasingly impacting price momentum. Glassnode's Market Pulse update noted a significant increase in both realized and unrealized profits over the past week, with net unrealized profit/loss (NUPL) hitting 14.25 at the start of the week.