Bitcoin trades near $83,000 to $86,000 as high Treasury yields persist
CIE News ·
Bitcoin remains range-bound between $83,000 and $86,000 as multi-decade high Treasury yields and elevated oil prices offset fading expectations of an October Fed rate hike.
Bitcoin (BTC) traded in a consolidation range between $83,000 and $86,000 as digital asset markets faced ongoing monetary pressure. According to investinglive.com, the 10-year U.S. Treasury yield touched 5.342% on October 1, remaining above 5.3% alongside Brent crude prices exceeding $100 per barrel.
Cooling macroeconomic data previously reduced expectations of an interest rate increase by the Federal Reserve in October. The September jobs report recorded a nonfarm payroll gain of 29,000 against a 90,000 consensus estimate, and CME FedWatch data indicated that the probability of an October rate hike dropped to 22.7% from 64.2% the preceding week.
However, long-term bond yields stayed high, maintaining opportunity costs for non-yielding assets despite $6.34 billion in net inflows into U.S. spot exchange-traded funds during the third quarter. The market continues to wait for the mid-month Consumer Price Index report to gauge whether underlying inflation pressures have eased.