Bitcoin is rejected at $83K as US bond yields reverse higher with equities

Bitcoin (BTC) traded below $82,000 after Monday’s Wall Street open as crypto diverged from rising stocks and bond yields.

Key points:

• Bitcoin gave up early-week gains as ask liquidity amassed above $83,000 across exchanges.
• The Nasdaq Composite Index followed Asian equities higher, gaining 1.5% in the first hours of trading on Monday.
• US bond yields continued to move in lockstep with stocks, with the 10-year yield back at 5.13% ahead of major corporate earnings announcements.

Bitcoin treads water as stocks, bond yields rebound

Data from TradingView showed BTC/USD dipping to $81,678 on Bitstamp after reaching $83,062 earlier in the day.

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

Both Asia and US equities rallied to start the week, helping to recoup losses from the week prior as selling pressure on tech stocks eased. South Korea’s tech-heavy KOSPI Composite Index finished the day 1.76% higher at 5,768 points, while the Nasdaq Composite Index was up 1.5% at the time of writing.

Nasdaq Composite Index one-hour chart. Source: Cointelegraph/TradingView

Continuing a pattern observed in recent weeks, US bond yields rose in lockstep with equities ahead of anticipated strong corporate earnings by tech giants. Several of these are due for release on Tuesday and Wednesday, including Meta, SpaceX and Tesla. The US 10-year and 30-year yields reached 5.13% and 5.46%, respectively.