Bitcoin returns to $81,000 as US 30-year yield rises

Bitcoin gained 6% on Friday as US 30-year bond yields rose. BTC rose past $80,000 around Friday's Wall Street open. TradingView data showed BTC/USD reached local highs of $81,034 on Bitstamp. CoinGlass data put cumulative cross-crypto short liquidations near $250 million over four hours. US WTI crude fell to lows of $94.8 per barrel. It began climbing again during the Asia trading session. It was circling $98 at the time of writing. The International Energy Agency warned that countries may have no choice but to cut usage. The IEA released 400 million barrels from emergency reserves in March amid the closure of the Strait of Hormuz. The IEA calculated oil flows through Hormuz at 7.6 million barrels per day in August. That was 13.1 million below the daily tally before the US-Iran war. The US 30-year yield reached 5.34% on the day. The yield was up 90 basis points. Rising yields in multiple nations forced central banks to raise interest rates in the US and Japan this week. Rekt Capital said bulls faced a "moment of truth." Rekt Capital identified $82,000 as a key level for BTC/USD to break through. A failure to break that level would constitute a double rejection pattern with the price action that ended the mid-May rebound. Bitcoin reclaimed its True Market Mean. The True Market Mean is the aggregate cost basis of all coins acquired on secondary markets. The metric currently sits at $76,660. Glassnode said the move put Bitcoin back above a crucial level and into a bullish regime. The cost basis for Bitcoin's corporate treasuries is $80,500.