On the Chain: Bitcoin rebounds above US$84,000 as bond yields ease

Bitcoin has pushed back above US$84,000 as easing US Treasury yields provided some relief to cryptocurrency markets, although the recovery comes as a nine-day streak of institutional inflows into spot Bitcoin exchange-traded funds comes to an end.

The world's largest cryptocurrency was trading at around US$84,617 at the latest check, up about 1.2%, after ranging between US$83,200 and US$85,162 during the session.

Bitcoin has recovered from levels below US$83,000 seen earlier in the week but remains beneath the September high above US$87,000, leaving the market searching for a catalyst capable of producing a sustained break higher.

Bond yields retreat from multi-decade highs

The improvement in crypto sentiment has coincided with some relief in global bond markets.

The benchmark US 10-year Treasury yield has eased towards 5.23% after reaching about 5.35%, its highest level in more than two decades.

Lower bond yields tend to support Bitcoin and other higher-risk assets by reducing the relative attraction of government debt and easing pressure on financial-market valuations.

The retreat follows a turbulent quarter for bond markets as persistent inflation, higher oil prices and expectations of tighter-for-longer US monetary policy pushed borrowing costs sharply higher.