Bitcoin Seeks Higher Lows as US Bond Yields Retreat from New 24-Year Highs

Bitcoin's price action continues to seek higher lows around the first October US trading session, with $84,000 in focus as support. This comes after a sharp drop in US bond yields, which retreated from new 24-year highs set earlier in the day.

The 10-year yield hit its highest level since April 2002 at 5.342%, before falling to 5.251% by the time of writing. According to analyst Rekt Capital, Bitcoin is due for a 'messy' retest of $82,500, which could set up the next trend continuation.

US bond yields have been on the rise in recent times, with markets worldwide showing concern about mounting public debt and rising interest costs. As Cointelegraph reported earlier, the August reading of the US Personal Consumption Expenditures (PCE) index came in below expectations at 3.4% year on year.

Data from CoinGlass shows that $84,500 and $82,900 are key areas of interest for Bitcoin's price action, with both potentially acting as magnets for price. Meanwhile, liquidations over the past 24 hours totaled $25 million, preserving rangebound conditions.