Bitcoin Trades Near $84,000 as Analysts Warn of Further Volatility

Bitcoin is currently trading around $84,000 after a sharp fall from the $87,000-$87,200 zone. The cryptocurrency has since recovered from its intraday lows but analysts say the rebound needs further confirmation as macroeconomic pressures and elevated bond yields continue to influence risk appetite.

Minal Thukral, Executive Vice President-Growth & Crypto Business Head at CoinDCX, said Bitcoin was trading around $84,250, continuing to consolidate after the sharp drop from $87,200.

The broader crypto market remains mixed, with the Crypto Fear and Greed Index at 73 indicating a greedy market sentiment. Analysts point to higher oil prices and US Treasury yields as factors weighing on risk appetite.

Despite the correction, some indicators suggest continued demand for Bitcoin. Spot Bitcoin ETFs have recorded inflows for five consecutive days, attracting more than $2.65 billion so far, with holders of 100-1,000 BTC accumulating over 113,000 BTC since mid-July.