Bitcoin stalls below $85,000 as US bond yields surge

Bitcoin reversed its latest gains after Tuesday's Wall Street open and fell back below $83,000. TradingView data showed an earlier rally stalling at $84,540. CoinGlass data showed exchange order-book resistance building around $85,000, with Bitcoin's price falling as a result. The US 30-year bond yield rose above 5.60%, a 24-year high. The 10-year yield reached 5.26%. Gold fell 3.6% on Monday to $4,115 per ounce before recovering to $4,166 at the time of writing. Uncertainty surrounding the US-Iran war, high oil prices and persistent inflation kept investors cautious. US equities avoided major volatility. Mosaic Asset Company saw potential for further stock gains amid conditions it described as extremely oversold. Mosaic said strong economic data, including higher-than-expected August job gains, could support stocks even as the Federal Reserve raises interest rates. Markets expect a 0.25% rate increase at the Federal Reserve's October meeting. Glassnode said long-term holders' coins were clustered around $85,000, increasing the likelihood of profit-taking if Bitcoin tries to rise above that level.