Rising Treasury Yields Test $84K Bitcoin Support Amid Macro Uncertainty
Bitcoin's price has been holding steady at around $84,000, but traders are keeping a close eye on the rising 10-year Treasury yield, which is now closing in on 5%. This macroeconomic pressure is not specific to cryptocurrency and has affected stocks, bonds, and even gold. The total crypto market capitalization sits near $2.94 trillion, with a Fear & Greed Index reading of 73, indicating greed despite the recent red candles.
The immediate support for Bitcoin's price is at $83,000-$83,300, but a clean break below this level could open the door to lower prices, potentially testing the $82,620 Fibonacci level and further weakness in the $80,000 and $77,000 zones. Institutional capital has not left the room entirely, with some moving toward Ethereum, while others are exploring infrastructure plays like Bitcoin Hyper.
Bullish predictions suggest yields stabilizing, ETF demand returning, and Bitcoin reclaiming its price above $84,200 toward $86,000. However, bearish scenarios warn of a break below $82,620 accelerating selling pressure toward $80,000. As traders navigate this choppy market, they are keeping a close eye on the $83,000 line.