- Bitcoin fell below $84,000 as US Treasury yields reached their highest level since 2007.
- Rising rate hike expectations increased pressure on Bitcoin and other major cryptocurrencies.
- Traders are watching $82,833 and $81,000-$82,000 as key support zones.
Bitcoin faced fresh selling pressure Thursday as rising Treasury yields unsettled financial markets. BTC slipped below $84,000 during Asian trading hours. The decline pushed prices toward $83,200 before a modest recovery followed. Meanwhile, the US 10-year Treasury yield reached levels last seen in 2007. Strong business data and higher oil prices added pressure. Traders now watch interest-rate expectations closely as Bitcoin tests key support.
Rising Yields Put Pressure on Bitcoin
Bitcoin fell 2.4% to $83,687.7 by 09:16 ET. The move followed a sharp rise in US Treasury yields. The 10-year yield closed Wednesday at 5.11%, up from 4.96%. During Wednesday’s session, yields briefly reached 5.13%. Stronger US business activity helped drive the increase. Rising oil prices also added pressure across financial markets. Higher Treasury yields can offer investors stronger returns from government debt.
That dynamic can reduce demand for riskier assets such as Bitcoin. Other major cryptocurrencies also moved lower during Thursday’s session. Ethereum, Cardano, XRP, and Dogecoin all recorded daily losses. The broader decline showed that selling pressure extended beyond Bitcoin. Rate hike expectations also climbed sharply during the latest market move.
DHF Capital CEO Bas Kooijman linked the shift to stronger economic activity. Higher energy prices also raised concerns about future inflation pressures. Markets now assign a 70% chance of an October rate hike. That figure rose from 55% one day earlier. CME Group’s FedWatch tool showed even higher odds at 75.3%. The tool tracks expectations for a move toward 4.00% to 4.25%.
Bitcoin Tests Key Support as Traders Watch September Trends
Bitcoin has shown resilience despite rising yields and a stronger dollar. FOREX.com senior analyst James Stanley highlighted $82,833. Traders could watch that level if selling pressure continues. Another analyst also identified important levels below the current price. BATMAN, known as @CryptosBatman on X, analyzed Bitcoin’s recent rejection. He noted that Bitcoin stalled near $87,000. The area matched a 1.618 Fibonacci extension target.
Traders often use Fibonacci extensions to identify potential resistance zones. Profit-taking around $87,000 may have contributed to the latest pullback. BATMAN identified $81,000 to $82,000 as nearby support. A break below that zone could increase attention around lower price levels. However, Bitcoin still needs to hold key support before traders assess another move. Price action around $82,833 could therefore become especially important.
Seasonal trends also remain part of the market discussion. Crypto traders often describe September as “Red September.” October receives the nickname “Uptober” because of historical performance patterns. Bitcoin recorded five consecutive September declines from 2017 through 2021. However, BTC finished September higher every year from 2022 onward.
