Bitcoin Price Stagnates as US Bond Yields Rise
- Bitcoin (BTC) fluctuated around $86,000 after Monday’s Wall Street open, rejecting a weekly close of $86,570.
- US bond yields rose, with the 30-year yield reaching approximately 5.67%, just below a 24-year high.
- The BTC/USD pair struggled to surpass its weekly open near $86,500 after achieving the highest weekly close since late January.
- Glassnode reported a decrease in buyer dominance and less aggressive upward momentum in onchain data recently.
- The yearly open for Bitcoin is at $87,570, acting as key psychological resistance amidst ongoing profit-taking.
As US bond yields continue to rise amid geopolitical uncertainty, Bitcoin’s price action remains indecisive with limited upward momentum. Analysts highlight that despite recent market conditions, Bitcoin has maintained its September gains even while profit-taking persists.
Currently, Bitcoin is facing resistance at the yearly open of $87,570 while struggling to break above $86,500 following a significant weekly close.(Source)
