Bitcoin Surges Past $81K as US Bond Yields Rebound Sharply
In brief
- Bitcoin surged past $81,034 on Bitstamp at Friday's Wall Street open, reaching local highs.
- US 30-year bond yields rose 90 basis points to 5.34%, prompting rate hikes from US and Japanese central banks.
- Strait of Hormuz oil flows fell to 7.6 million barrels per day, down 13.1 million from pre-war levels.
Price Action and Liquidations
Bitcoin reached local highs of $81,034 on Bitstamp as buyers pushed into fresh liquidity pockets. Cumulative cross-crypto short liquidations sat near $250 million over four hours, signaling aggressive deleveraging across the market.
Traders watched $82,000 as a critical resistance level. Bitcoin's True Market Mean—the aggregate cost basis of all coins acquired on secondary markets—now sits at $76,660, while the cost basis for Bitcoin's corporate treasuries lies at $80,500. Both levels have gained significance as price action approaches them.
Bond Yields and Rate Hikes
The US 30-year bond yield reached 5.34% on the day, up 90 basis points. This sharp climb reflected broader shifts in global monetary policy. Central banks in both the US and Japan raised interest rates this week, a direct response to rising yields across multiple nations.
Oil Supply Crisis Deepens
The energy market remains under strain. US WTI crude fell to lows of $94.8 per barrel before climbing again during the Asia trading session, underscoring volatile sentiment around supply.
The Strait of Hormuz remains a critical flashpoint. Oil flows through Hormuz were calculated at 7.6 million barrels per day in August, 13.1 million below the daily tally before the US-Iran war. The International Energy Agency released 400 million barrels from its emergency reserves in March to offset the disruption.
"But if Gulf supplies remain constrained in the coming months and commercial inventory buffers continue to deplete rapidly, higher prices and further demand reductions may be required to close the supply-demand gap." — International Energy Agency
The IEA warned that countries may have no choice but to cut usage if supply tightness persists. Trader and analyst Rekt Capital noted that bulls now faced a "moment of truth" in Bitcoin's near-term price action, with conviction and volume critical to sustaining the rally.
