Treasury Yields Squeeze Bitcoin Price Below $83,100
Bitcoin's price has declined to around $83,100 as rising U.S. Treasury yields put pressure on risk assets and pushed Bitcoin toward the lower edge of its recent trading range.
The 10-year Treasury yield reached its highest level since 2007, climbing to roughly 5.27%, which is contributing to the decline in Bitcoin's price. This increase in bond yields has previously weighed on Bitcoin by increasing the return available on government debt while tightening financial conditions.
Market attention now turns to the August personal consumption expenditures report, scheduled for release on September 30 at 8:30 a.m. ET. The Federal Reserve raised its target range by 25 basis points on September 16 to 3.75%, 4.00%, citing elevated inflation and resilient economic activity.
CryptoQuant analyst Amr Taha reported that Binance's Bitcoin reserves fell from approximately 701,000 $BTC on September 21 to 678,000 $BTC on September 28, a decline of roughly 23,000 $BTC or 3.3% within one week. The decrease in exchange balances does not necessarily indicate holders intend to sell; it could also mean they are moving assets between platforms and private wallets.