BTC Hovering Near $83K as High Yields Pressure Crypto Market
The cryptocurrency market and stocks experienced pressure from persistently high long-term yields. Long-end Treasury yields reached fresh highs, with the 10-year yield hitting 5.293% and the 30-year yield touching 5.6206%. This kept a lid on stocks and crypto assets, with the Dow, S&P 500, and Nasdaq closing down 0.26%, 0.17%, and 0.08%, respectively.
BTC hovered around $83K in the morning, while ETH traded near $2,670. Despite eight consecutive days of ETF inflows, BTC remained stuck near its current price range. The pace of new buying has weakened, but selling pressure has also been relatively contained. Long-term holders' MVRV had recovered to 1.35, putting this group back in aggregate unrealized profit.
A key test for the market will be tonight's US core PCE release and Friday's nonfarm payrolls report. These releases could shift rate-hike expectations and Treasury yields, helping determine whether BTC breaks out of its current range or continues to hover near $83K.