Bitcoin Defies Bond Sell-Off, Eyes $97K Resistance Level
Bitcoin has held its price above $84,000 despite a significant sell-off in bonds and rising interest rates. The 10-year Treasury yield rose to 5.11% on September 23, its highest close since 2007.
According to analytics firm Glassnode, holding above the current price keeps the path open to the resistance level of $96,700. Spot Bitcoin ETFs added $347 million as yields jumped, with inflows totaling about $2.65 billion over five days.
New York Fed President John Williams said that 'another rate hike may be appropriate by the end of the year,' which could test Bitcoin's resilience at current levels. The next major resistance for Bitcoin is the mean MVRV price near $96,700, where the average holder's profit returns to its long-term norm.
However, analytics firm Santiment warned that rising leverage and crowd euphoria raise short-term shakeout risk, which could affect Bitcoin's performance in the coming days. The Fed's next rate decision is due on October 28, and a drop below $84,000 would bring $77,000 back into view.