Bitcoin Hits $84K as US Bond Yields Climb to 24-Year Highs

Bitcoin has rebounded to around $84,000 as US bond yields climbed to multi-decade highs. The recovery came despite intensified macro pressures, which include geopolitical uncertainty and upcoming US economic data.

The rebound occurred after US 30-year bond yields reached 5.58%, the highest since June 2002, according to TradingView data. This has underscored a prolonged 'bond bear' backdrop that is affecting risk assets, including Bitcoin.

According to Glassnode's latest Market Pulse update, profit-taking among investors is growing and increasingly driving price momentum. The analytics firm reported that both realized and unrealized profits rose notably over the prior week, pushing overall profitability to levels it described as 'stretched' at current price conditions.

The $82,500 level remains in focus for Bitcoin traders, with a break below potentially changing how traders interpret structure on higher timeframes. Analysts pointed to a narrower window of protection below this threshold, while QCP Capital flagged short-term volatility risks for crypto tied to geopolitical developments and major US macro releases.

As yields cool from peak levels, the market is waiting to see whether Bitcoin can maintain its current uptrend in the face of rising profit-taking and macro catalysts setting the tone for risk appetite.