Bitcoin Slides Above $85K Amid High Yields, Rate Uncertainty

Bitcoin started October around $84,000 after a strong September, but high US Treasury yields and interest rate uncertainty tempered the broader crypto market.

The price briefly moved above $85,000 following softer US inflation data that eased concerns about another Federal Reserve rate hike. However, analysts pointed to strong economic growth and still-high bond yields as factors keeping pressure on risk assets.

Riya Sehgal, Research Analyst at Delta Exchange, said the next major trigger for the market would be US jobs data, which could influence expectations around interest rates and Treasury yields.