Bitcoin Pulls Back Toward $84,500 as Surging Treasury Yields Pressure Risk Assets

Bitcoin traded near $84,590 after sliding below $84,000, pressured by multi-decade peaks in sovereign bond yields. The digital asset retreated from above $87,000 as hot macroeconomic data fueled bets on higher-for-longer borrowing costs, raising the opportunity cost of non-yielding assets. The bond sell-off gathered steam following a flash U.S. Composite PMI print of 58.4, which drove the 10-year Treasury yield to an intraday high of 5.225%—its highest level since July 2007—and the 30-year yield to a 2004 high of 5.501%. However, Bitcoin maintained support well above its 50-week moving average near $78,800.