Rising Yields Weigh on Bitcoin as Price Fails to Recover Above $85,000
Bitcoin's price has consolidated below $85,000 as investors remain cautious due to rising US Treasury yields and key macroeconomic data releases this week.
The Crypto King's bulls failed to close above the key $85,000 level earlier in the week, leading to a pullback to around $83,000 at the time of writing on Wednesday.
A K33 Research report notes that BTC absorbed a major derivatives deleveraging event without a sharp price decline, keeping its technical structure relatively healthy. The report highlights that the market has undergone an orderly reset, with Chicago Mercantile Exchange (CME) and perpetual Open Interest (OI) falling by 49,028 BTC over the past seven days.
The rising US Treasury yields are pushing investors away from risk assets, including Bitcoin, and causing a pause in its upside momentum. Bulls remain reluctant to add bullish positions ahead of key macroeconomic data releases this week, including the US Personal Consumption Expenditures (PCE) Price Index, the final US Gross Domestic Product (GDP) Q2 reading, and the Nonfarm Payrolls (NFP) report.