Bitcoin Hits $81,000 as US 30-Year Yield Spikes 90 Basis Points
Bitcoin rose 6% to $81,034 on Friday. The 30-year US Treasury yield jumped to 5.34%. This move followed $250 million in short liquidations.
Bitcoin climbed to a local high of $81,034 on Bitstamp. The asset gained 6% during the session. This price action occurred as the 30-year US Treasury yield rose to 5.34%. The yield increase represented a move of 90 basis points. Traders closed $250 million in short positions over four hours. This liquidation event fueled the upward momentum in the crypto market.
WTI crude oil prices fluctuated between $94.8 and $98 per barrel. The International Energy Agency reported a drop in oil flows through the Strait of Hormuz. Daily throughput fell to 7.6 million barrels. This figure is 13.1 million barrels lower than pre-conflict levels. The IEA warned that supply constraints may force further demand reductions. These factors contributed to the volatility in global bond markets.
Bond Yields Drive Market Shifts
Rising oil uncertainty pushed US bond yields higher. The 30-year yield reached 5.34% on the day. This level reflects increased pressure on central banks. The US and Japan raised interest rates this week. Higher yields typically challenge risk assets but supported Bitcoin in this instance. The correlation shifted as traders adjusted to the new macroeconomic data.
GN auto markets/bonds data highlights the impact of these yield changes. The rebound in fixed-income returns altered the global liquidity landscape. Investors reacted to the IEA report on emergency stock releases. The agency noted that 400 million barrels were released in March. These measures helped stabilize prices initially. Current conditions suggest a tighter supply-demand balance ahead.
Bitcoin Faces Key Resistance
Analysts identify $82,000 as a critical level for Bitcoin. Rekt Capital described this as a moment of truth for bulls. A failure to break this level would form a double rejection pattern. This pattern would mirror the price action from mid-May. Bitcoin has reclaimed its True Market Mean at $76,660. This cost basis represents the aggregate acquisition price of all coins.
Glassnode noted that the price is now in a bullish regime. The cost basis for corporate treasuries sits at $80,500. This level reinforces the significance of the current range. Traders watch these metrics for signals of sustained momentum. The market remains sensitive to oil supply news. Bond yield movements will continue to influence crypto asset pricing.
