Bitcoin Trades Around $84,000 as Rising Yields Pressure Crypto Markets

Bitcoin's recent price surge has been tempered by profit booking as rising US Treasury yields put pressure on risk assets, causing the cryptocurrency to trade around $84,000. Despite this pullback, Bitcoin continues to hold above important near-term support levels, indicating that buyers remain active on dips.

Avinash Shekhar, Co-founder and CEO of Pi42, noted that the broader crypto market remains cautious due to rising US Treasury yields. He emphasized that traders should expect volatility to remain elevated and avoid excessive leverage as the market searches for its next decisive move.

The global crypto market capitalization rose 1.72% to $2.89 trillion, according to data on CoinMarketCap. The crypto fear and greed index is currently at 73, indicating a greedy market sentiment, said the CoinDCX Research Team.

Prateek Gupta, Head of Business at Mudrex, stated that Bitcoin is holding near $84,000 as the renewed bond selloff keeps broader risk appetite in check. He added that stronger-than-expected jobs data also contributed to consolidation.