Bitcoin Hits $81,034 as US 30-Year Yields Jump 90 Basis Points
Bitcoin price rose to $81,034 on Friday. This move coincided with a 90 basis point increase in US 30-year bond yields. The rally followed a rebound in global oil prices.
Bitcoin price reached a local high of $81,034 on Bitstamp during Friday's trading session. The asset filled pockets of upside liquidity as market sentiment shifted. This price action occurred simultaneously with rising US long-term bond yields.
The US 30-year Treasury yield climbed to 5.34% on the day. This represents an increase of 90 basis points. The yield spike followed renewed uncertainty in global energy markets. Traders reacted to data showing constrained oil supplies and rising demand pressures.
Oil supply constraints drive market tension
US WTI crude oil prices fell to $94.8 per barrel before recovering. The commodity is currently trading near $98 per barrel. This price movement reflects ongoing disruption in global supply chains. The International Energy Agency warned that countries may need to cut consumption.
The IEA reported that oil flows through the Strait of Hormuz dropped to 7.6 million barrels per day in August. This figure is 13.1 million barrels per day lower than pre-war levels. Emergency stock releases had previously eased prices from April peaks. Commercial inventory buffers are now depleting rapidly.
Short liquidations fuel the recent rally
A cluster of short positions above the spot price was liquidated. CoinGlass data shows cumulative cross-crypto short liquidations near $250 million over four hours. These forced exits contributed to the rapid upward price movement. The liquidation event created a squeeze against bearish traders.
Analysts note that bulls face a critical decision point. A chart shared by Rekt Capital identifies $82,000 as a key resistance level. Failing to break this level would form a double rejection pattern. This pattern mirrors price action that ended the mid-May rebound.
Onchain metrics confirm bullish regime
Bitcoin reclaimed its True Market Mean, which stands at $76,660. Glassnode described this move as a return to a bullish regime. The aggregate cost basis for all coins on secondary markets is now below the spot price. This shift in onchain data supports the current upward momentum.
The cost basis for corporate treasuries holding Bitcoin sits at $80,500. This level falls within the current local trading range. Cointelegraph reported that rising yields are forcing central banks to consider rate increases. These macro factors continue to influence digital asset valuations.
