Bitcoin Recovers Above $84,000 as US Bond Yields Hit Multi-Year Highs

Bitcoin climbed back above $84,000 after briefly touching $82,500. The rebound came as Treasury yields surged and the dollar strengthened, weighing on risk assets across the board.

The 10-year Treasury yield held near 5.27 %, while 30-year yields reached 5.5704 % on September 28 — the highest since mid-2004. Brent crude traded above $106 per barrel on September 29, fueling inflation concerns and lifting the odds of a Federal Reserve rate hike.

US equities closed lower on Monday, with the S&P 500 down 0.8 % and Nasdaq off 0.9 %. Glassnode data showed continued inflows into bitcoin, yet profit-taking intensified and sellers dominated perpetual futures.

QCP analysts pointed out that the September 28 drop from $84,500 to $82,800 coincided with declines in Nasdaq-100, gold and the dollar index, suggesting broad deleveraging rather than a simple flight to safety.

Based on information from cryptonews.net