Bitcoin and XRP fall as bond yields hit multi-decade highs

Bitcoin traded at $83,500 two hours before the U.S. market open. Bitcoin was down 2.5% over 24 hours as bond yields reached multi-decade highs. Ethereum and Solana were down closer to 3%. XRP was down 7.5%. CoinDesk said the MOVE index jumped 21% to above 95. The MOVE index reached its highest level since April. The 10-year Treasury yield reached 5.116%, its highest level since 2007. The 30-year Treasury yield reached 5.419%, its highest level since 2004. Initial jobless claims stayed under 200,000 and came in at 197,000 for the week. Jeff Gundlach said a Federal Reserve rate hike would worsen the interest expense problem because much borrowing is at the short end. Gundlach said a rate cut would worsen the inflation problem. Santiment said wallets holding 100 to 1,000 BTC added 113,950 BTC since July 15. The wallets' collective holdings grew by 2.22% to roughly 5.24 million BTC. Santiment's five-year analysis found that this wallet tier correlates closely with market direction. Bitcoin climbed sharply since mid-August while this group continued accumulating. Santiment said the pattern suggests that well-capitalized holders are supporting the rally. Bitcoin pulled back for a second straight session Thursday. Bitcoin tested the former May resistance band between $82,500 and $83,000 from above after last week's breakout. The 20-day EMA stood at $80,276 above the 50-day, 100-day, and 200-day EMAs. The RSI was 62.18 and remained above its signal line. Bitcoin's recent high was $87,000. The $82,500 to $83,000 band was identified as critical support. The $80,276 level was identified as deeper support.