Bitcoin Fluctuates Around $78,000 Amid Rising US Bond Yields
- Bitcoin (BTC) traded around $78,000, gaining approximately 1% on the day.
- US Treasury Secretary Scott Bessent indicated potential interventions in the bond market during a CNBC interview.
- The US Treasury plans to double its debt buyback transactions to $4 billion starting September.
- The US 10-year bond yield reached its highest level since January at 4.76%, while the 30-year yield hit a near high of 5.269%.
- Despite recent gains, analysts warned of a hidden bearish divergence in Bitcoin’s relative strength index (RSI).
As BTC/USD maintains support at its key moving average of $77,269, month-to-date gains are approaching an impressive 25%. The current volatility is influenced by rising bond yields and potential government interventions that may impact market sentiment.
With Bitcoin’s price hovering around $78,000 and significant movements in bond yields, traders are closely monitoring these developments for future implications on market dynamics. (Source)
