Bitcoin Holds Ground Against Bond Selloff
Bitcoin's (BTC) recent surge past $87,000 has sparked interest in its ability to withstand market fluctuations. A mid-September rate hike from the Federal Reserve did not deter Bitcoin's price, but a subsequent bond selloff has raised questions about its resilience.
On September 23, the 10-year US Treasury yield jumped by over 18 basis points, reaching levels last seen in 2007. This sudden increase in yields was driven by a combination of factors, including strong PMI data and higher oil prices.
Despite the bond market's downturn, Bitcoin has managed to hold its ground, but it is struggling to extend its gains. The asset's price has retreated from its recent highs, with some analysts pointing to the 50% Fibonacci retracement level of around $81,000 as key support.