Bitcoin's Gains Halted at $84,450 Amid Rising US Bond Yields

Bitcoin's recent gains were short-lived as it reversed its momentum after reaching $84,450. The cryptocurrency dipped below $83,000, reversing its low-time frame rebound.

The reversal came as US bond yields continued to set multidecade highs on Tuesday. The 30-year yield reached new 24-year highs above 5.60%, while the 10-year yield hit 5.26%, close to passing its June 2007 high.

Gold, which had fallen 3.6% to $4,115 per ounce, attempted a recovery to $4,166 as investors remained cautious due to geopolitical uncertainty and persistent inflation.

Data from Glassnode showed that long-term holder coins were clustered around the $85,000 mark, increasing the likelihood of profit-taking if Bitcoin attempts to break above this level.