Bitcoin dips below $84,000 as 10‑year Treasury yield hits 19‑year high

Bitcoin fell below the $84,000 mark during Asian trading hours, slipping to around $83,200 as the U.S. 10‑year Treasury yield rose to its highest level since 2007.

Rising Treasury yields and Fed hike expectations

The 10‑year yield closed at 5.11% on Wednesday, up from 4.96% the day before, and touched 5.13% intraday. CME attributed the bond sell‑off to stronger U.S. business data and higher oil prices. Market participants now assign roughly a 70‑75% probability to an October Federal Reserve rate hike, up from about 55% a day earlier.

Treasury bond buyback program

The U.S. Treasury announced a $6 billion ceiling for a Thursday buyback of long‑dated bonds (approximately 20‑30 years to maturity) as part of an expanded liquidity program for the senior‑secured market.

Bitcoin’s recent performance

Despite the rate‑sensitive environment, Bitcoin has closed September higher for three consecutive years, gaining about 7.35% so far this month. Historical data shows September typically delivers the lowest average monthly return for Bitcoin (‑2.34%), while October has averaged a 19.92% gain.

Analyst outlook

James Stanley of FOREX.com noted that Bitcoin has held up well amid rising rates and a strong dollar, identifying $82,833 as a key support level if the pullback deepens. Bas Kooijman of DHF Capital highlighted that stronger business activity and elevated energy prices are fueling expectations of further tightening, which could pressure Bitcoin ahead of the Fed decision.