Bitcoin Holds Steady Amid Rate and Geopolitical Uncertainty

Bitcoin is holding steady at around $84,000 despite concerns over rate and geopolitical risks. Analysts point to strong institutional demand as a key support for the cryptocurrency's current price.

The recent pullback in Bitcoin's value can be attributed to elevated US Treasury yields, profit-taking after the cryptocurrency broke through the $87,000 barrier, cooling ETF momentum, and positioning after derivatives expiry.

According to Avinash Shekhar, Co-Founder & CEO of Pi42, 'Bitcoin's current consolidation is becoming a test of how much geopolitical uncertainty the market can absorb.'

The key support zone for Bitcoin remains around $83,300-$84,000, while the $85,000 area acts as an immediate hurdle.