Bitcoin Taps $84K as Bond Yields Retreat From 24-Year Highs

Bitcoin traded above $84,000 near the start of the U.S. session, but analysts warn that its ability to sustain gains is tied to the bond complex.

The 10-year Treasury yield reached a 24-year high of 5.342% before dropping to 5.251%, underscoring how quickly risk sentiment can change when rates move.

According to Mahmood Pradhan, former deputy director of the European department at the International Monetary Fund, markets have been 'very nervous' about rising public debt and associated interest costs.

Rekt Capital expects a support retest near $82,500, cautioning that it could get messy before any next directional move. The forecast suggests that bulls must hold this level as support for Bitcoin's broader rebound to continue.