Bitcoin Drops From Eight-Month High as Yields and Dollar Rise
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Bitcoin gave back some of the week's gains after failing to stay above $87,000. The market, where the price is trying to hold on again around $84,000, is facing pressure from the accumulation of large wallets and rising bond yields.
Bitcoin, which started the week with a sharp rise, reversed direction after testing the $87,000 level. Rising US bond yields, expectations of another Fed rate hike, and a surge in oil prices put pressure on crypto assets, while inflows into spot Bitcoin ETFs indicated continued institutional interest in the market.
Bitcoin backed back from USD $87,279 after a surge driven largely by the closing of short positions. The price now tests Supertrend support around USD $83,600, while ETF flows and cash demand will determine whether the recovery remains strong.
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