US Treasury Yields Soar as Bitcoin Holds Key Support

The US 30-year Treasury yield has reached its highest level in 24 years, climbing to 5.58 percent before easing to 5.55 percent. This comes as investors and analysts weigh in on the impact of geopolitical uncertainty on the crypto market.

Bitcoin, which had dropped earlier in the week, is now holding steady below $84,300, with key support at $82,500. Analysts are watching closely as bitcoin retests this level, which is seen as a trend-defining zone by Rekt Capital.

The rise of profit-taking pressure on-chain indicators suggests that bitcoin's recent technical strength may be waning. Glassnode reports that net unrealised profit/loss (NUPL) has hit 14.25, the highest since January, and the ratio of coins moved on-chain in profit to coins in loss has jumped to 1.4.

QCP Capital notes that geopolitical uncertainty, macroeconomic data risks, and broad deleveraging could weigh on bitcoin's recent technical strength. The firm cites war-related developments and this week's US macro data releases as short-term volatility factors.