US bond yields fell sharply as Bitcoin price action sought to preserve a local uptrend. Bitcoin pushed above $84,000 on Thursday, with US bond yields retreating after hitting a 24-year high. The 30-year and 10-year yields both set new macro highs. Analysts attributed the bond market sell-off to concerns over public debt and rising inflation. The Middle East war and higher oil prices are seen as contributing factors. Liquidations over the past 24 hours totaled $25 million, with key price levels at $84,500 and $82,900 acting as magnets. Rekt Capital predicts a potential dip to $82,500 as support, with a successful retest possibly setting up a trend continuation.
The bond market's reaction to the 10-year yield hitting a 24-year high is part of a broader concern about public debt and inflation. The Fed's handling of inflation remains a key factor in the bond market's volatility. Bitcoin's price action is closely watched as it seeks to confirm a trend higher. The market's rangebound conditions are being maintained by nearby long and short positions.
Bitcoin's price action is seen as a response to these macroeconomic conditions, with analysts predicting a potential retest of key support levels.