Bitcoin slips below $84,000 as 10-year yield hits 19-year high

Bitcoin fell below $84,000 during Asian trading hours on Thursday. Bitcoin traded near $83,200. The US 10-year Treasury yield reached its highest level since 2007. The yield closed at 5.11% on Wednesday. The yield closed at 4.96% on Tuesday. The yield reached 5.13% intraday. CME attributed the bond selloff partly to stronger US business data. CME also cited rising oil prices. James Stanley of FOREX.com said Bitcoin had held up well despite rising rates and a strong US dollar. Stanley identified $82,833 as the next level to watch if the pullback deepens. The US Treasury announced a $6 billion ceiling for its Thursday buyback of bonds with roughly 20 to 30 years remaining. The buyback is part of an expanded program intended to improve liquidity in long-dated debt. Bas Kooijman of DHF Capital said stronger US business activity and elevated energy prices increased expectations of further Federal Reserve tightening. Kooijman said markets assigned around a 70% probability to an October rate hike. He said that probability had increased from roughly 55% the previous day. CME Group's FedWatch tool showed a 75.3% probability of a hike to between 4.00% and 4.25%. An October hike would raise short-term borrowing costs. Higher borrowing costs could increase the cost of dollar-funded leveraged Bitcoin trades. Kooijman said resilient labor data or further hawkish signals could extend the rise in yields and support the dollar. He said softer data could reduce expectations of an October hike and limit the dollar's gains. Bitcoin fell in five straight Septembers from 2017 through 2021. Bitcoin has closed September higher for three straight years. Bitcoin gained in September 2023, 2024 and 2025. Bitcoin was up 7.35% so far this month. October finished higher in 10 of the 13 completed years, according to CoinGlass data. October has averaged a 19.92% increase. Bitcoin fell 3.69% last October.