Bitcoin falls nearly 4% to $83,881 as US 10-year yield hits 2007 high, October rate-hike bets rise

Investors should avoid reacting to a single day’s movement after such a rapid rally. Fresh purchases can be staggered rather than made all at once, suggests crypto analyst.

• Bitcoin fell 3.80% to $83,880.67 on Sept 24.
• US spot Bitcoin ETFs saw nearly $1 billion in inflows.
• Bitcoin's immediate support is at $83,500-$84,000.

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Bitcoin fell significantly in the early session on September 24, down 3.80 percent to trade just above $83,880 (10:03 IST) over the past 24 hours, though it's up 10.16 percent over the past week after stronger-than-expected US business activity pushed the 10-year US Treasury yield to its highest since 2007 and lifted October rate-hike expectations to around 70 percent.

The Nasdaq fell 1.13 percent, while the S&P 500 and Dow declined 0.75 percent and 0.68 percent, respectively. Gold edged higher as investors sought defensive assets, while lower oil prices offered some relief from inflation concerns.

"For crypto, these conditions may keep Bitcoin range-bound and place greater pressure on altcoins, which are typically more sensitive to shifts in liquidity and risk sentiment," Nischal Shetty, Founder of WazirX, said.