Bitcoin tops $84,000 as US 10-year yield retreats from highest level since 2002
In brief
- Bitcoin pushed above $84,000 near Thursday's Wall Street open, up 0.6% on the day, per TradingView.
- US 10-year yield hit 5.342%, a level last seen in April 2002, before easing to 5.251%.
- August PCE came in at 3.4% year on year, below expectations, with little market reaction.
- CoinGlass data flagged $84,500 and $82,900 as key liquidity levels; liquidations totaled $25 million.
- Rekt Capital forecast a fresh dip to key support around $82,500.
Yields hit 2002 levels, then reverse
Both the US 30-year and 10-year yields set new macro highs this week. The 10-year reached 5.342%, a level last seen in April 2002, before dropping to 5.251% at the time of writing (per TradingView data cited by Cointelegraph).
That's a 24-year high.
Mahmood Pradhan, a former deputy director of the IMF's European department, told the New York Times that markets worldwide were very nervous about mounting public debt, since rising yields push up governments' interest costs. He said the Middle East war had changed the picture, with higher oil prices already showing up in inflation data.
The latest inflation print didn't move things much. The August PCE reading (the Federal Reserve's preferred inflation gauge) came in below expectations at 3.4% year on year, according to Cointelegraph. Markets showed little reaction, and analysts attributed much of the decline to a change in how PCE is calculated.
Crypto analyst Benjamin Cowen offered his own read in a post on X, saying yields had risen rapidly since the market became concerned the Fed was no longer taking inflation seriously.
Liquidity levels frame the BTC range
On the crypto side, it's a tight range. CoinGlass data cited by Cointelegraph showed $84,500 and $82,900 as key liquidity areas of interest, with both potentially acting as a magnet for price. Liquidations over the prior 24 hours totaled $25 million, as nearby long and short positions helped keep conditions rangebound.
Trader and analyst Rekt Capital forecast a fresh dip to key support around $82,500 in a post on X. He'd previously said bulls' ability to hold $82,500 as support would decide Bitcoin's broader rebound (so that level is the one he's watching).
“A successful retest there could set up the next trend continuation. History suggests this retest could get messy but let’s take it one level at a time and not look too far ahead,” he wrote on X.
Those forecasts are Rekt Capital's and Cowen's own views, not LeoDex News predictions.
