Bitcoin Holds Steady Near $84K as Bond Selloff Pauses
Bitcoin held steady near $84,000 on Friday, flat over 24 hours after falling below that level on Wednesday, according to CoinDesk data. The largest cryptocurrency by market capitalization has shown minimal movement in recent days, with most major tokens rising less than 2%. However, smaller names like ONDO and Quant have seen significant gains, with ONDO up 27% to around $0.54 and Quant up 39% to nearly $100.
The bond selloff that drove the initial decline in Bitcoin appears to be pausing, with the 10-year Treasury yield slipping two basis points to 5.17% after jumping more than 20 basis points over the previous two sessions. Brent crude oil prices also fell 1% to around $105 a barrel due to reports of a potential deal between Washington and Tehran to reopen the Strait of Hormuz.
FXPro chief market analyst Alex Kuptsikevich views Bitcoin's recent drop as a temporary stall rather than a reversal of its uptrend. According to him, the cryptocurrency encountered resistance near a previously significant support level but failed to complete a Fibonacci extension pattern. He notes that a decline to $70K may be painful for short-term speculators but does not undermine the bullish outlook.