Bitcoin Stalls at $85K Amid Rising Yields and Economic Uncertainty

Bitcoin's recent rally has stalled at around $84,500 as it struggles to break above the key resistance level of $85,000.

The cryptocurrency is being pressured by rising US Treasury yields, which have climbed above 5% for the five-year yield and 5.2% for the benchmark 10-year yield, their highest levels in roughly 19 years.

This has led to a decrease in investor appetite for riskier assets like Bitcoin, with some choosing to reduce exposure ahead of several key US economic reports, including the Personal Consumption Expenditures (PCE) Price Index and the ISM Manufacturing PMI.

However, derivatives data from K33 Research suggests that Bitcoin has successfully absorbed a significant derivatives deleveraging event without suffering a sharp decline in price.