Bitcoin, Ethereum and XRP rise as Treasury yields retreat; Dogecoin dips

Leading cryptocurrencies rose alongside stocks on Thursday as Treasury yields retreated after briefly touching a 24-year high. Bitcoin broke above $85,000 after several days of trading sideways. Ethereum remained within its recent trading range. XRP and Solana recorded modest gains, while Dogecoin dipped. Strategy shares closed up 4.84%, and Bitmine Immersion Technologies shares closed up 1.14%. Coinglass data showed more than $190 million in cryptocurrency liquidations over the last 24 hours, including $107 million in bullish long positions. Bitcoin's open interest rose 2.39% over the last 24 hours. Traders holding open Bitcoin derivatives positions shifted to a neutral stance as their long-to-short ratio fell sharply. The Dow Jones Industrial Average gained 20.51 points, or 0.04%, to close at 50,926.56. The S&P 500 rose 0.19% to close at 7,666.4. The Nasdaq Composite gained 0.04% to close at 26,871.60. The 10-year Treasury yield fell to 5.25% after reaching an intraday high of 5.34%, its highest level since April 2002. The probability of a rate hike fell to 24.9% from 37.6% the day before, according to the CME FedWatch tool. Cryptocurrency analyst Michaël van de Poppe welcomed Bitcoin's move above $84,800. Van de Poppe said altcoin markets could gain momentum if Bitcoin holds above that level. Glassnode data showed buyers had absorbed a major $85,000 sell wall on Binance after a week of failed attempts to break through it. Glassnode said reduced sell-order liquidity above that level should allow Bitcoin's price to rise faster. Bitcoin analyst Willy Woo said there was substantial buying support below current Bitcoin levels and less selling pressure above.