Bitcoin Struggles Below $85K as Holder Supply Rises

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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.

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.

Bitcoin rejects near $85,000 as bond-yield rally continues

US bond markets showed no sign of cooling on the day, with the 30-year yield reaching new 24-year highs above 5.60% and the 10-year yield hitting 5.26%, on the cusp of passing its June 2007 high to levels last seen in April 2002.

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