Bitcoin failed to surpass the $85,000 resistance level as sellers maintained pressure. The cryptocurrency retreated from a local high of $84,540 to trade below its daily opening near $83,600 following the Wall Street open.
Market activity was influenced by rising US bond yields, with 30-year yields reaching 24-year highs above 5.60% and 10-year yields hitting 5.26%. These levels are comparable to those last observed in April 2002.
Data from Glassnode indicates that a significant volume of coins held by long-term holders is clustered between $84,000 and $85,000. This concentration creates a supply wall that increases the probability of profit-taking.
Broader market conditions remain cautious due to geopolitical uncertainty and inflation. While gold experienced a 3.6% decline on Monday to $4,115 per ounce before recovering to $4,166, US equities showed limited volatility.
Analysts from Mosaic Asset Company noted that stock market conditions appear oversold, potentially supporting future gains. Meanwhile, market expectations suggest a 0.25% interest rate hike by the Federal Reserve in October.
