Bitcoin stalls below $83,000 as US stocks and bond yields rise

Sell orders near $83,000 keep Bitcoin in a tight range

Bitcoin fell below $82,000 after US stock markets opened on Monday, October 19, failing to rise alongside stocks. The cryptocurrency reached $83,062 earlier in the day before dropping to $81,678 on the Bitstamp exchange, according to data from TradingView.

A large cluster of sell orders sat above $83,000 on crypto exchanges. An exchange is an online platform where people buy and sell digital coins. This supply of sellers for sale kept Bitcoin's price from moving higher.

Key numbers from Monday's trading

• Bitcoin's daily high: $83,062, with a low of $81,678 on Bitstamp
• Nasdaq Composite Index: up 1.5% in early Monday trading
• South Korea's KOSPI Composite Index: up 1.76% to close at 5,768 points
• US 10-year bond yield: 5.13%; 30-year yield: 5.46%
• Crypto liquidations over 24 hours: $335 million

Stocks rose but so did US bond yields

Both Asian and US share markets rallied to start the week, recovering some losses from the week before as selling pressure on technology stocks eased. Bond yields rose alongside stocks. A bond yield is the return investors earn for lending money to a government or company.

The rise in yields came ahead of earnings reports from large technology companies due on Tuesday and Wednesday, including Meta, SpaceX and Tesla. Earnings are the profits companies report to investors.

What QCP Capital and CryptoQuant say

Trading firm QCP Capital said stable bond markets are important for Bitcoin to build upward momentum. In a note on its website, it warned that if selling spreads from stocks to crypto, Bitcoin could lose its $80,000 support level. Support is a price level where buying interest has previously been strong. The firm also wrote that a sustained rally in US Treasuries, especially alongside falling real yields and a weaker US dollar, could support risk assets such as Bitcoin.

CryptoQuant, a platform that studies activity recorded on blockchain networks, reported that large Bitcoin holders, often called whales, became less active. Its Binance whale ratio — the share of the ten largest deposit transactions compared with all deposits to the Binance exchange — fell to 0.45 from 0.54 at the start of October. CryptoQuant said this may reflect changes in how whales trade and manage their holdings.

What is confirmed

Bitcoin traded in a narrow band on Monday, reaching $83,062 before falling to $81,678. Sell orders concentrated above $83,000 on exchange order books, and $335 million in crypto positions were liquidated across the market in 24 hours, based on CoinGlass data. US and Asian stock indexes rose, while US 10-year and 30-year bond yields stood at 5.13% and 5.46%.

What remains unclear

QCP Capital's remarks about Bitcoin losing $80,000 support are a scenario, not a confirmed outcome. The reasons individual whales reduced their exchange activity are also unknown; CryptoQuant described its explanation as a possibility rather than a certainty.

Why bond markets matter for Bitcoin

The article points to a pattern of bond yields moving in step with stocks in recent weeks. QCP Capital's analysis suggests Bitcoin's direction may depend partly on whether bond markets stay steady. This is an analytical view from one trading firm, not a guaranteed result.

Big tech earnings land Tuesday and Wednesday

Meta, SpaceX and Tesla are scheduled to report earnings on Tuesday and Wednesday. These announcements are the next scheduled events flagged in the source material that could affect how stocks and, by extension, risk assets like Bitcoin trade.

Sources

• Cointelegraph