Bitcoin ends month volatile as US bond yields near 20‑year highs

Bitcoin (BTC) traded in a narrow range near $78,000 during the Wall Street opening, reacting to comments from US Treasury Secretary Scott Bessent about the bond market.

Treasury comments and bond‑yield movement

In a CNBC interview, Bessent said he had not yet taken action to support the long end of the yield curve, noting, “I haven’t bought anything yet,” and that he was comfortable with yields rising. The Treasury has announced plans to double the size of its debt‑buyback program to $4 billion starting in September.

Following the interview, the 10‑year US Treasury yield rose to 4.76%, the highest level since January 2025, while the 30‑year yield reached 5.269%, just six basis points below its peak since January 2007.

Bitcoin price dynamics

TradingView data showed BTC/USD up about 1% on the day, staying near its 50‑week exponential moving average (EMA) at $77,269, a level identified as a key support for bulls. Month‑to‑date gains approached 25%, marking Bitcoin’s strongest August performance since 2017.

Technical warning from analysts

Analyst Rekt Capital highlighted a hidden bearish divergence on the daily chart, where the relative strength index (RSI) made lower highs despite remaining in overbought territory (daily RSI at 70.7). He cautioned that continued lower‑high RSI formation could add weakness to price.

Broader market context

US equity indices slipped about 0.4% as concerns over new US‑Iran tensions weighed on markets. Investor Ray Dalio previously expressed doubt about the Treasury’s ability to control bond yields and suggested diversifying into assets such as gold and Bitcoin.