Bitcoin Slips Back Under $83,000 as US Treasury Yields Reach Multidecade Highs
Bitcoin's attempt to break above $85,000 was short-lived as it slipped back under the $83,000 area after testing the mid-$84,000s. This move reflects a market that is still being driven by macro liquidity rather than crypto-specific flows.
The US Treasury yields continued their climb to multidecade highs, with the 30-year yield above 5.60% and the 10-year yield around 5.26%. This caused risk appetite to remain cautious, weighing on precious metals as well.
Gold weakened sharply, falling 3.6% to about $4,115 per ounce before partially rebounding. The bond market's influence was also evident in Bitcoin's price action, with the cryptocurrency briefly bouncing after the Wall Street open but ultimately failing to extend its gains.
The key question for traders is whether BTC can hold above the heavy liquidity band near $85,000 or if profit-taking will continue to cap rallies. CoinGlass data pointed to supportive demand near the $85,000 zone, but overhead supply appeared to be building.