Bitcoin Holds Ground Near $84,000 Amid Bond Yield Pressures

Bitcoin's price has steadied around $84,000 as it heads into the weekend, despite rising U.S. Treasury yields pressuring the cryptocurrency.

The main pressure on Bitcoin came from the bond market, with the 10-year Treasury yield climbing above 5.2% for the first time since 2007, making interest-bearing assets more appealing and weighing on risk assets like Bitcoin.

However, institutional demand provided a counterweight to this trend, with U.S. spot Bitcoin exchange-traded funds attracting about $2.65 billion across five consecutive sessions through Wednesday.

Regulatory developments presented a mixed picture, with SEC Commissioner Hester Peirce's departure from the agency on October 2 and the failure of the Senate to advance the Digital Asset Market Clarity Act.