Bitcoin (BTC) rebounded to $84,000 on Tuesday, maintaining key support at $82,500, as the yield on 30-year US Treasuries climbed to 5.58%—the highest since June 2002—before easing to 5.55% at the time of publication. The 10-year Treasury yield reached 5.26%, a level last seen in June 2007.

The BTC/USD pair traded in a narrow intraday range below $84,300 after risk assets came under pressure earlier in the week amid uncertainty surrounding the US-Iran conflict and its impact on global oil supplies.

QCP Capital points to geopolitics and macro data as volatility drivers

According to QCP Capital, short-term volatility in the crypto market may increase in the coming days due to developments in military events and the release of US macroeconomic indicators. Key events include the August PCE index on Wednesday and September nonfarm payrolls data on Friday.

Rekt Capital: retest of the upper boundary of the $60,000–80,000 range

Trader Rekt Capital noted that BTC avoided falling below $82,500—a level he considers critical for maintaining the upward trend. He stated that the current move is a retest of the upper boundary of the $60,000–80,000 range as support, calling this test "trend-defining."

Glassnode: profit-taking dominates the market

Glassnode reported that for the week ending September 27, both realized and unrealized profits among investors increased significantly, and overall profitability at current prices appears "stretched." The NUPL indicator reached 14.25 at the start of the week, the highest since January. The ratio of coins moving on-chain at a profit versus those at a loss rose from 0.8 to 1.4, which Glassnode sees as indicating a market "dominated" by active profit-taking.