Analysts see 10-year Treasury yield hitting 6%. Bitcoin bulls shouldn't panic

Bitcoin price surged to $84,000 following a record-high 30-year US bond yield. BTC/USD remained within a tight range below $84,300. The 30-year bond yield peaked at 5.58% before settling at 5.55%. Meanwhile, the 10-year yield reached 5.26%. Experts warn that geopolitical tensions and upcoming macroeconomic data may trigger volatility in crypto and risk assets.

Analysts noted that Bitcoin has avoided dropping below the crucial $82,500 support level, which could have signaled a potential downturn. Bitcoin continues to showcase an inverse head-and-shoulders reversal pattern, resurrecting its recovery from the 2022 bear market. An onchain analytics platform, Glassnode, revealed growing profit-taking among Bitcoin investors, with net unrealized profit/loss reaching its highest level since January. The ratio of coins moving onchain in profit compared to in loss also increased substantially.