Bitcoin Price Jolts as Bessent's Bond Market Comments Spark Volatility

Bitcoin's price action on Monday was closely tied to comments made by US Treasury Secretary Scott Bessent regarding bond markets. In an interview with CNBC, Bessent hinted at further interventions in the US bond market, stating that he had not yet acted to shore up the long end of the yield curve.

As a result, Bitcoin's price surged around $78,000, but it also sparked concerns about volatility as the month-end closes. The 10-year and 30-year bond yields reached new highs, with the latter nearing its highest levels since January 2007 at 5.269%.

The market reaction to Bessent's comments was swift, with Bitcoin experiencing a brief dip into the US trading session before rebounding. However, trader and analyst Rekt Capital warned of a hidden bearish divergence playing out on daily time frames between price and the relative strength index (RSI).