Bitcoin holds $82.5K support as US 30-year bond yield hits 24-year high

Bitcoin bounces while bond yields surge

Bitcoin (BTC) rebounded to around $84,000 on Tuesday after early-week losses, holding above $82,500 — a level analysts say is essential to protecting the market's uptrend. The move came as US 30-year bond yields hit 5.58%, their highest level since June 2002, before easing to 5.55%. The 10-year yield reached 5.26%, a level last seen in June 2007.

Bitcoin saw pressure on Monday as risk assets fell on uncertainty over the US-Iran war and related global oil supplies, while bond yields spiked.

Key numbers

• Bitcoin rebounded to $84,000 without violating $82,500 support.
• US 30-year bond yield reached 5.58% — a 24-year high.
• Bitcoin's net unrealized profit/loss (NUPL) hit 14.25 at the start of the week, its highest since January.
• The ratio of coins moving onchain in profit versus loss rose from 0.8 to 1.4 last week.

Analysts warn of profit-taking pressure

Trading firm QCP Capital said Bitcoin's recent technical strength faces potential pressure from geopolitical uncertainty, macroeconomic data risk, and broad-based deleveraging. QCP pointed to US-Iran war developments and upcoming US economic data as the main short-term volatility catalysts. That data includes the August Personal Consumption Expenditures (PCE) index on Wednesday and September nonfarm payrolls on Friday.

Onchain analytics platform Glassnode said profit-taking among Bitcoin investors is increasingly impacting price momentum. Both realized and unrealized profit increased considerably over the past week, and overall profitability is “stretched” at current price levels. Glassnode warned the rising profit/loss ratio “strongly suggests a market environment dominated by profit-taking activities.”

What is confirmed

Confirmed data from TradingView shows BTC/USD traded in a narrow range below $84,300. US 30-year bond yields reached 5.58%, their highest since June 2002, before easing to 5.55%. The 10-year yield hit 5.26%, last seen in June 2007.

Glassnode data shows Bitcoin's net unrealized profit/loss (NUPL) — the difference between the market value of BTC supply and the price at which it last moved onchain — hit 14.25 at the start of the week, its highest reading since January. The ratio of coins moving onchain in profit compared to in loss rose from 0.8 to 1.4 last week.

What is still unclear

It remains unclear how long Bitcoin can hold the $82,500 support level if bond yields keep rising or if geopolitical tensions escalate. Trader Rekt Capital called the current retest of the $60,000–80,000 range top “trend-defining,” but that is analysis, not a confirmed outcome.

Why it matters

Bond yield surges often signal stress in traditional markets, and crypto assets have recently moved in line with risk assets. If profit-taking continues, Bitcoin's upside could stall closer to $90,000, as previously reported. The upcoming US inflation and jobs data could influence both bond yields and Bitcoin's short-term direction.

Sources

• Cointelegraph