Bitcoin Price Drops to $83,880 as US Treasury Yield Hits 2007 High

Bitcoin's price dropped to $83,880.67 on September 24, a decline of nearly 4% from its previous day close. The drop comes as the US 10-year Treasury yield reached its highest level since 2007 and October rate-hike expectations rose to around 70%. Despite this volatility, institutional demand for Bitcoin remains strong, with US spot Bitcoin ETFs recording nearly $1 billion in daily net inflows.

Crypto analyst Riya Sehgal noted that the decline was amplified by approximately $280 million in Bitcoin long liquidations over four hours. She estimates that the market is stabilizing but a sustained recovery remains unconfirmed, with two-hour RSI readings near 43 indicating weak momentum. Bitcoin's immediate support lies at $83,500-$84,000, followed by $82,000.

Nischal Shetty, Founder of WazirX, said that these conditions may keep Bitcoin range-bound and place greater pressure on altcoins. Vikram Subburaj, CEO of Giottus, suggests that investors should avoid reacting to a single day's movement after such a rapid rally and stagger fresh purchases rather than making them all at once.