Bitcoin holds near $84,000 as Treasury yields surge and derivatives leverage falls

  • Bitcoin traded near $84,000 on September 26 and briefly fell to $83,959 in Binance spot trading.
  • Combined open interest across four exchanges fell $1.72 billion, or 14.3%, to $10.30 billion.
  • Heavy sell orders at $85,000-$85,800 formed resistance as Treasury yields reached multiyear highs.

Bitcoin traded near $84,000 on September 26, including at $83,959 in Binance spot trading, down 0.19% from $84,052 an hour earlier and about 4% from its weekly high of $87,363. A historic U.S. Treasury selloff pushed the 10-year yield to 5.22% and the 30-year yield to a 22-year high of 5.5185%, while heavy sell orders between $85,000 and $85,800 created resistance. Between September 22 and 25, combined Bitcoin open interest across Binance, Gate.io, HTX and Bybit fell from about $12.02 billion to $10.30 billion, a decline of roughly $1.72 billion, or 14.3%, as Bitcoin fell about 2.3% from roughly $86,000 to $84,000. The contraction indicates lower leveraged exposure, although open interest cannot show whether longs or shorts were closed. Higher government yields increase Bitcoin's opportunity cost and financing pressures, with traders next assessing the PCE inflation gauge on September 30 and the September employment report on October 2.

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