Bitcoin Falls Below $85,000 as 10-Year Yield Hits 19-Year High

BTC/USD: near-term bias bearish, broader signal mixed. The immediate pressure is the rise in Treasury yields: higher yields increase the opportunity cost of holding a non-yielding asset and may tighten financial conditions, weighing on crypto risk appetite. The stronger-than-expected PMI adds a counterpoint: robust activity can support demand for risk assets, but it also reduces the case for near-term rate cuts. Rising input-cost pressures further complicate the outlook by keeping inflation and Fed-policy concerns in play.

For traders, the key question is whether the yield spike persists. Watch Treasury yields—especially the two-year—for further hawkish repricing, alongside inflation and activity data and the U.S. dollar. If yields remain elevated, BTC may stay vulnerable; if they ease and growth strength sustains risk appetite, the initial decline may prove less consequential. The article characterizes the move as a pullback within an intact uptrend, so a broader trend break is not established by this news alone.