Bitcoin Surges Above $84,800 as Treasury Yields Retreat

Leading cryptocurrencies, including Bitcoin, Ethereum, and XRP, rose in tandem with stocks on Thursday as Treasury yields retreated after briefly touching a 24-year high earlier in the day. The 10-year Treasury yield dropped to 5.25%, pulling back from an intraday high of 5.34%, its highest level since April 2002.

According to Coinglass data, over $190 million was liquidated from the cryptocurrency market in the last 24 hours, with $107 million in bullish long positions evaporated. Bitcoin's open interest spiked 2.39% over the last 24 hours, with traders holding open BTC derivatives positions flipping to 'Neutral', with their Long/Short ratio falling sharply.

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, called Bitcoin's move above $84,800 a 'great' development. 'Now, if this holds, then we're going to see a lot more momentum on the Altcoin markets again after a few days of no volatility,' Van De Poppe said.

Bitcoin analyst Willy Woo reacted to Glassnode data showing the major $85,000 sell wall on Binance has been absorbed by buyers after 'a week of failed tests.' Woo added that there's plenty of buy support below current BTC levels and less sell pressure above.