Bitcoin Bounces to $84K as US 30-Year Bond Yield Hits 24-Year High

Bitcoin recovered to $84,000 on Tuesday, holding a key support level even as US bond yields surged to levels not seen in decades.

Bitcoin Price Holds Above Key Support at $82,500

BTC traded in a narrow range below $84,300 after Monday’s pullback, driven by uncertainty over the US-Iran conflict and its impact on oil supplies. The 10-year yield hit 5.26%, a level last seen in June 2007. Bitcoin’s technical strength faces pressure from geopolitical uncertainty, macro data risk and broad deleveraging, pointing to this week’s PCE inflation data on Wednesday and September’s nonfarm payrolls on Friday as key volatility triggers.

Why $82,500 Matters for Bitcoin’s Trend

Bitcoin avoided breaking below $82,500, a level trader Rekt Capital called essential to protecting its uptrend. On weekly charts, bitcoin continues tracing an inverse head-and-shoulders pattern that began its recovery from the 2022 bear market.

Glassnode Sees Profit-Taking Dominating the Market

Glassnode’s latest analysis found both realized and unrealized profit rising sharply over the past week, with profitability stretched at current levels. Net unrealized profit/loss hit 14.25 at the start of the week, its highest reading since January.