Bitcoin traded near $83,900 during Thursday’s Asian morning hours, down more than 2% in 24 hours after reaching nearly $87,300, CoinDesk data show. The move came as the 10-year U.S. Treasury yield closed Wednesday at 5.11%, up 15 basis points in one day, while a weakly received $70 billion five-year note auction cleared at 5.033%, the highest auction yield since 2006. Brent crude also rose more than 4% to nearly $104 a barrel, ending a six-session decline, and S&P Global’s flash survey showed U.S. business output expanding at its fastest pace in more than five years, with the composite index reaching 58.4, its highest since July 2021. DOGE fell 7% to just above 9 cents, while ZEC, XRP and HYPE declined 5% to 6%. Ether, SOL and BNB lost 2% to 3%, while TRX was flat. Higher government bond yields increase the opportunity cost of holding non-yielding assets such as bitcoin and raise borrowing costs for leveraged positions. Bitcoin’s sharpest Wednesday decline followed the business survey, and the token remains below the $85,000 strike where Ledn co-founder Mauricio Di Bartolomeo identified a large block of call options ahead of Friday’s roughly $14 billion Deribit expiry.