Treasury Yields Near Multi-Year Highs Weigh on Bitcoin Price

Bitcoin's price hovered around $84,000 on Tuesday, up 0.9% from Monday but down 2% over the past week.

The 10-year Treasury yield reached its highest level since June 2007, driven by rising oil prices, while Brent crude eased from Monday's peak after US and Iranian officials continued indirect contacts through Qatar and Saudi Arabia.

Senior financial market analyst Kyle Rodda expects Bitcoin to struggle for upside momentum due to the energy risk persisting, but Thahbib Rahman of Block Scholes notes that Bitcoin has held between $82,000 and $84,000 for a week and a half despite the macro backdrop.

Spot Bitcoin ETFs have seen eight consecutive sessions of inflows totaling around $3 billion, with Monday's contribution being slight at $31.07 million.