Bitcoin (BTC) climbed above $84,000 ahead of the Wall Street open as US Treasury yields retreated after reaching 24-year highs. On the hourly timeframe, BTC maintained a sequence of higher lows, gaining about 0.6% for the day.

The 10-year Treasury yield pulled back from 5.342% to 5.251%

Yields on 30- and 10-year US Treasuries set new macro highs; the 10-year reached 5.342%—a level last seen in April 2002—before declining to 5.251%. Amid a sell-off in the bond market, participants noted nervousness over rising government debt and inflationary pressures. Mahmood Pradhan, former deputy director of the IMF’s European department, linked the heightened volatility to the impact of the Middle East conflict and rising oil prices. The August PCE in the US came in at 3.4% year-over-year, below expectations, but the market reaction was muted. Crypto analyst Benjamin Cowen believes yields will continue to rise until the Fed brings inflation under control.

Rekt Capital warns the $82,500 support retest could be "messy"

According to trader and analyst Rekt Capital, the next key support zone for BTC is around $82,500: a successful retest there could set the stage for a continued uptrend, though historically such a retest "can be messy." He previously noted that holding $82,500 will be decisive for a broader correction and subsequent rebound.

Liquidity near $84,500 and $82,900; $25M in liquidations in 24 hours

Order book liquidity is building just above and below spot: areas around $84,500 and $82,900 could attract price action. Over the past 24 hours, total liquidations of long and short positions amounted to about $25 million, supporting range-bound trading.