Treasury Yields Retreat, Bitcoin Surges Past $85,000
The cryptocurrency market rallied on Thursday as Treasury yields retreated from a 24-year high. Bitcoin rose above $85,000 after days of sideways action, while Ethereum remained range-bound. XRP and Solana recorded modest gains.
Cryptocurrency-related stocks also lifted, with Strategy Inc. (MSTR) and Bitmine Immersion Technologies Inc. (BMNR) closing up 4.84% and 1.14%, respectively. Over $190 million was liquidated from the cryptocurrency market in the last 24 hours, with $107 million in bullish long positions evaporated, according to Coinglass data.
Bitcoin's open interest spiked 2.39% over the last 24 hours. Traders holding open BTC derivatives positions flipped to 'Neutral', with their Long/Short ratio falling sharply.
Michaël van de Poppe, a widely followed cryptocurrency analyst, called Bitcoin's move above $84,800 a 'great' development. Willy Woo noted that there's plenty of buy support below current BTC levels and less sell pressure above.