Bitcoin's $80K Ceiling Crumbles as Stocks Defy Near-5% Treasury Yields
Bitcoin's bid to break through the $80,000 barrier faltered on September 11 as US stocks rallied and long-dated Treasury yields held near historic highs. Despite reaching an intraday high of $79,890, Bitcoin was unable to surpass the resistance zone identified by digital asset trading firm QCP.
The S&P 500 closed up nearly 1%, while the Dow and Nasdaq followed closely. However, this equity rebound did not translate into a similar increase for Bitcoin, which has been facing growing skepticism about its ability to sustain a move above $80,000.
Market conditions remain tight, with August core CPI rising 0.3% on the month and maintaining pressure on risk assets. The 10-year yield briefly touched 4.9915%, its highest level in almost three years, before pulling back to around 4.95%. This has left markets pricing an 85% probability of a quarter-point Fed rate increase in the coming week.
The options market is also showing signs of caution, with at-the-money implied volatility near 46% on September 12 Bitcoin options expiry. QCP reported steady demand for $75,000 puts expiring on September 11 and September 18, indicating that investors are still seeking downside protection.