Bitcoin (BTC) 'Withstands' US Treasury Yields at 24-Year High...Recovers to $84,000

▲ Bitcoin (BTC)/AI generated image

Amidst the macroeconomic shock of US Treasury yields soaring to a 24-year high, Bitcoin (BTC) defended its key support level and rebounded to the $84,000 mark. Despite tightening fears in the global asset market triggered by the surge in long-term Treasury yields, analysis suggests that bargain-hunting, which held key price levels, is proving the downside rigidity of the virtual asset market.

According to Cointelegraph, a specialized virtual asset media outlet, on September 29 (local time), Bitcoin recovered to the $84,000 level, successfully defending the key support level of $82,500 without breaking downwards. Market analysts diagnosed the $82,500 level as a critical defense line to maintain the strength of the current uptrend. The assessment is that market resilience is being maintained as Bitcoin successfully defended this price level even during a short-term sharp decline.

This rebound occurred amidst a historical sell-off in the bond market. The US 30-year Treasury yield surged to 5.58%, marking its highest level in 24 years since June 2002. Typically, when risk-free yields like Treasury bond rates rise sharply, the investment appeal of non-interest-bearing risk assets like Bitcoin diminishes, leading to strong selling pressure. However, Bitcoin showcased price resilience by absorbing macroeconomic headwinds.

On-chain data, however, indicates that investor profit-taking remains a variable. On-chain analytics platform Glassnode warned that continuous profit-taking by Bitcoin investors was observed during the trading week that continued until September 27. The diagnosis is that short-term volatility due to macroeconomic shocks combined with selling at high points is forming upward resistance.

However, the prevailing view in the market is that the mid-term upward trajectory remains valid, given that the key support level was defended. The assessment is that Bitcoin, having absorbed the strong macroeconomic shockwave of soaring Treasury yields, is consolidating its foundation for further rebound by absorbing selling pressure.

Amidst the chill in the bond market, Bitcoin defended the $82,500 support level and held the $84,000 mark. Market attention is focused on whether Bitcoin can recover its upward momentum through further absorption of selling pressure, overcoming the pressure from US Treasury yields that hit a 24-year high.

[Key Article Summary]

-The US 30-year Treasury yield surged to 5.58%, its highest in 24 years.

-Bitcoin (BTC) defended its key support level of $82,500 and rebounded to the $84,000 mark.

-Glassnode warned of continuous profit-taking, but market downside support was maintained.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*