Bitcoin Struggles to Hold $83,000 Amid Rising Long-Term Yields

Bitcoin struggled to maintain momentum around $83,000 as rising long-term Treasury yields offset the positive impact of softer-than-expected U.S. inflation data.

The cryptocurrency had surged to $85,581 on the previous evening but failed to sustain gains and retreated back to the $83,000 range.

Rising 10-year Treasury yields to their highest level since May 2002 weighed on risk assets, suppressing demand for cryptocurrencies despite the relief from cooling inflation.

The U.S. Bureau of Economic Analysis reported a 3.4% year-over-year increase in August Personal Consumption Expenditures (PCE) price index, below the consensus estimate compiled by Dow Jones.