Bitcoin Surges Above $84,000 as US Bond Yields Retreat

Bitcoin (BTC) traded above $84,000 on Thursday's Wall Street open after US bond yields retreated from new 24-year highs. The 10-year yield, which had reached 5.342%, dropped to 5.251% at the time of writing. This move was seen as a key factor in Bitcoin's price action, which is seeking to cement higher lows around the first October US trading session.

Data from TradingView showed $BTC/USD preserving a pattern of higher lows on hourly time frames, up 0.6% on the day. Analyst Rekt Capital noted that Bitcoin is due for a 'messy' retest of $82,500, which could set up the next trend continuation.

Mahmood Pradhan, former deputy director of the European department at the International Monetary Fund, attributed the ongoing bond-market sell-off to mounting public debt and rising yields, which increase governments' interest costs.

Rekt Capital's retest prediction comes after he previously said that bulls' ability to hold $82,500 as support would decide Bitcoin's broader rebound.