Bitcoin Stalls at $85,000 Amid Rising Treasury Yields

Bitcoin's attempt to break back above $85,000 was unsuccessful. On September 29, the cryptocurrency rose to $84,540 but fell below its intraday open of $83,600.

The rise in U.S. Treasury yields put pressure on stocks and precious metals. The 30-year yield surged to 5.60 percent, a level not seen in 24 years, while the 10-year yield climbed to 5.26 percent, nearing its June 2007 peak.

Market analysts point to geopolitical uncertainty, high oil prices, and inflation as contributing factors to investor caution. The sharp increase in Treasury yields also affected precious metals, with gold prices falling 3.6 percent on September 28 before rebounding to $4,166 an ounce.

The Kobeissi Letter described the move in gold prices as 'highly unusual' and attributed it to the surge in Treasury yields causing 'abnormal turmoil' across the broader precious metals market.