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U.S. Treasury yields weighed on Bitcoin pricing

Bitcoin traded in a tight range around $78,000 at the opening of U.S. markets and was up by about 1% on the day. The price swings came as selling pressure in longer-dated U.S. Treasuries picked up again.

After U.S. Treasury Secretary Scott Bessent signaled that new interventions in the bond market could be on the table, the BTC/USD pair quickly erased its early-session losses. Bessent said no direct support step had yet been taken on the long end of the curve, including the 10- and 30-year bonds, but the market interpreted his remarks as a possible policy signal.

Why did yields rise again?

The U.S. Treasury announced earlier this month that it would at least double the volume of its buyback operations from September, lifting them to $4 billion. Yields eased after the initial announcement, but on Monday the 10-year Treasury yield climbed back to 4.76%, its highest level since January 2025.

  • The 30-year U.S. Treasury yield touched 5.269% during the session.
  • That was just 6 basis points below the highest level seen since January 2007.

As risk appetite faded, attention turned to alternative assets

U.S. stock indexes also stayed in negative territory on the day. The S&P 500 and the Nasdaq Composite fell by about 0.4% as fresh tensions over attacks involving the U.S. and Iran fed into markets.

Investors also focused on warnings that control in the bond market could be getting harder. Ray Dalio argued that the Treasury may still struggle to steer the bond market despite its new program, and highlighted gold and Bitcoin as diversification tools against a possible U.S. debt crisis.

What does the technical picture say ahead of the monthly close?

As the August close approaches, Bitcoin continued to hold above its 50-week exponential moving average at $77,269. That level is being watched as short-term support, while the monthly gain of roughly 25% points to Bitcoin's strongest August performance since 2017.

Still, some analysts remain cautious. Rekt Capital said a hidden bearish divergence has formed between price and the relative strength index on the daily chart, while the daily RSI at 70.7 remains in overbought territory, suggesting the risk of weakening momentum has not gone away.

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