Bitcoin gives back gains as long-term holder supply keeps $85K out of reach

What happened

Bitcoin rejects near $85,000 as bond-yield rally continues Data from TradingView showed a local rally to $84,540 stalling as the US trading session began, with BTC/USD retreating below its daily opening level near $83,600. Bitcoin failed to make another run at $85,000 as sellers held the line above current levels, while surging US bond yields weighed on stocks and precious metals.

Bitcoin (BTC) reversed its latest gains after Tuesday’s Wall Street open as US bond yields continued to set multidecade highs. Key points: Bitcoin abandoned a low-time frame rebound after reaching $84,450, dipping back below $83,000.

US bond yields set new multidecade highs on Tuesday as gold sought to recover from a 3.6% drop to $4,115 per ounce. Ask liquidity continued to cement itself above the spot price around $85,000 on exchange order books.

Source: Cointelegraph/TradingView Geopolitical uncertainty surrounding the US-Iran war, high oil prices and persistent inflation kept investors cautious, while surging bond yields also sent precious metals lower. Gold fell 3.6% on Monday to $4,115 per ounce before rebounding to $4,166 at the time of writing.