Bitcoin bounces to $84K after US 30-year bond yield sets 24-year high

Bitcoin (BTC) preserved crucial support into Tuesday as analysis warned of a new profit-taking surge.

Key points:

• Bitcoin rebounded to $84,000 without violating $82,500, a level seen as essential to protecting market strength.
• US 30-year bond yields reached 5.58%, their highest level since June 2002, continuing a historic bond bear market.
• Glassnode analysis cautioned about ongoing profit-taking by Bitcoin investors in the week through Sept. 27.

BTC price steadies as bond yields come off multidecade highs

Data from TradingView showed BTC/USD trading in a narrow intraday range below $84,300. 

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The pair saw pressure on Monday as risk assets fell on uncertainty over the US-Iran war and associated global oil supplies, while bond yields spiked. The US 30-year yield reached 5.58%, its highest since June 2002, before easing to 5.55% at the time of writing. The 10-year yield hit 5.26%, a level last seen in June 2007.

US 30-year bond yield one-month chart. Source: Cointelegraph/TradingView

“Bitcoin’s recent technical strength faces potential pressure from the convergence of geopolitical uncertainty, macroeconomic data risk, and broad-based deleveraging,” trading company QCP Capital commented in its latest analysis.