Bitcoin Pushes Above $84,000 as US Bond Yields Pull Back From 24-Year Highs

Bitcoin climbed above $84,000 around Thursday’s Wall Street open, up 0.6% on the day, as US bond yields retreated. On hourly charts it is still holding a pattern of higher lows, and $84,000 is the level in focus at the start of the first October trading session.

Bitcoin Liquidation Levels

Bitcoin is trading between thick order-book liquidity above and below the spot price. Data points to $84,500 and $82,900 as key areas that could pull price toward them. Liquidations over 24 hours totaled $25 million, which helped keep the market rangebound.

US 10-Year Treasury Yield Hits New High

Both the 10-year and 30-year yields set new macro highs. The 10-year reached 5.342%, its highest since April 2002, then dropped to 5.251% at the time of writing.

Why Bond Yields Keep Rising

Mahmood Pradhan, a former IMF European department deputy director, said markets worldwide are “very nervous” about rising public debt, which pushes up government interest costs. He added that the Middle East war has turned everything around, with higher oil prices already visible in inflation data.

PCE Reading and Market Reaction

August PCE inflation came in below expectations at 3.4% year on year, yet markets barely reacted. Analysts blamed much of the drop on a change in how PCE is calculated.

Bitcoin Support Retest at $82,500

Blockto Analysts expects a fresh dip to key support near $82,500. A successful retest could set up the next trend continuation, but that the retest could get messy, so it is best to take it one level at a time.