Bitcoin Price Stalls at Supply Band as Sovereign Yields Rebound

The Bitcoin price stalled beneath the $83K-$86K supply band after a brief wave of euphoria following the mid-August short squeeze.

This relief rally, which carried spot into the $80K region, encountered expected overhead resistance and turned lower toward $76K, triggering long liquidations.

The market's structural dynamics are now defined by on-chain supply in profit, sovereign yields, and options markets. The share of supply in profit climbed to 68% when Bitcoin traded near $78K in late August, compared to 65% at the same level in May.

The US 10-Year Treasury yield also climbed to 4.8%, erasing the entire Treasury buyback relief within eight trading sessions and exerting pressure on the market.