Bitcoin trades near $84,000 as Treasury yields hold near multi-year highs

Bitcoin traded around $84,000 on Tuesday, up 0.9% over 24 hours but down 2% for the week, according to CoinGecko data. Treasury yields remained near multi-year highs, driven largely by oil prices. The 10-year Treasury yield peaked at 5.274% on Monday, its highest since June 2007. The 30-year yield reached 5.583%, a level last seen in 2002. Both yields eased slightly on Tuesday as crude prices fell, according to the Wall Street Journal. Brent crude moved back above $100 a barrel on Monday after President Donald Trump rejected Iran's seven-day plan to end the war and reopen the Strait of Hormuz. Brent later fell below $104 after topping $108 on Monday. US and Iranian officials continued indirect contacts through Qatar. Saudi Arabia restored roughly half the flows through its East-West pipeline, an alternative route to the Strait of Hormuz. Kyle Rodda of Capital.com said higher crude prices were limiting Bitcoin's rally and expected further difficulty gaining momentum while energy risks persisted. Block Scholes analyst Thahbib Rahman said institutional demand had helped Bitcoin hold between $82,000 and $84,000 for a week and a half. Spot Bitcoin ETFs recorded eight straight sessions of inflows, according to Farside Investors data. Rahman put those inflows at roughly $3 billion. The funds took in a net $31.07 million on Monday, according to SoSoValue. The funds held $107.82 billion, equal to 6.42% of Bitcoin's market capitalization. Strategy disclosed buying 1,665 BTC for about $142.7 million between September 21 and 27. The purchase brought Strategy's holdings to a record 847,666 BTC, above the 847,363 BTC it held in June. August core PCE data is due Wednesday. The September jobs report is due Friday. CME's FedWatch tool put the chance of another quarter-point rate increase at the October 27 and 28 Fed meeting at 70.3%, up from 55.4% a week ago and 17.7% a month ago.