Bitcoin Tumbles Below $84,000 as US Real Yields Surge

A recent surge in US real yields has quietly pushed Bitcoin below $84,000. The 10-year Treasury yield climbed to 5.11% on September 23, up 15 basis points from the previous day, following a hotter-than-expected business activity survey.

The increase was largely driven by a rise in the 10-year real yield, which strips out expected inflation and accounted for 13 of the 15 basis point move. This has increased the opportunity cost of holding Bitcoin, an asset that pays no yield of its own.

Bitcoin's decline played out in the same session as the bond selloff, with roughly $280 million in long liquidations as price broke below $84,000. The largest cluster of long-term holder supply is currently between $84,000 and $85,000, according to Glassnode.

The bull case has the 10-year real yield retracing below 2.65% while ETF inflows stay positive and spot volume expands on up days. Bitcoin holds daily closes inside the $84,000 to $85,000 zone, and buyers who returned last week absorb the macro hit.