Bitcoin fights for local uptrend as US bond yields drop from new 24-year highs

What happened

Key points: BTC price action seeks to cement higher lows around the first October US trading session, with $84,000 in focus. US bond yields fell sharply around Thursday’s Wall Street open as Bitcoin price action sought to preserve a local trend of higher lows.

Bitcoin (BTC) pushed above $84,000 around Thursday’s Wall Street open as US bond yields retreated after setting more multidecade highs. US bond yields fall at the Wall Street open after the 10-year yield hit its highest levels since April 2002 at 5.342%.

Bitcoin is due a “messy” retest of $82,500, says analyst by Rekt Capital. US bond yields head lower after fresh macro highs Data from TradingView showed BTC/USD preserving a pattern of higher lows on hourly time frames, up 0.6% on the day.

Source: Cointelegraph/TradingView Both the US 30-year and 10-year yields set new macro highs, with the latter reaching 5.342% — a level last seen in April 2002 — before dropping to 5.251% at the time of writing. “The Middle East war has really turned everything around,” he said, with higher oil prices already showing up in inflation data.