Bitcoin fights for local uptrend as US bond yields drop from new 24-year highs

Bitcoin (BTC) pushed above $84,000 around Thursday’s Wall Street open as US bond yields retreated after setting more multidecade highs.

Key points:

• BTC price action seeks to cement higher lows around the first October US trading session, with $84,000 in focus.
• US bond yields fall at the Wall Street open after the 10-year yield hit its highest levels since April 2002 at 5.342%.
• Bitcoin is due a “messy” retest of $82,500, says analyst by Rekt Capital.

US bond yields head lower after fresh macro highs

Data from TradingView showed BTC/USD preserving a pattern of higher lows on hourly time frames, up 0.6% on the day.

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

Both the US 30-year and 10-year yields set new macro highs, with the latter reaching 5.342% — a level last seen in April 2002 — before dropping to 5.251% at the time of writing.

US 10-year bond yield one-hour chart. Source: Cointelegraph/TradingView

Discussing the forces behind the ongoing bond-market sell-off, Mahmood Pradhan, former deputy director of the European department at the International Monetary Fund, told the New York Times that markets worldwide were “very nervous” about mounting public debt, with rising yields increasing governments’ interest costs.