Bitcoin rejected at $83,000 as bond yields turn higher again

Bitcoin briefly pushed toward $83,000 before sellers turned it back, leaving it at $81,920, up 0.97% over 24 hours. Cointelegraph reports that a sell wall at $83,000 kept BTC in a tight range as US bond yields reversed higher with equities.

Sentiment improved even so. The Crypto Fear & Greed Index rose to 59 (Greed) from a neutral 53 at the time of our last recap.

Bitcoin: higher on the day, still lower on the week

According to CoinGecko data at 16:26 UTC, bitcoin traded between $80,672 and $83,035 over 24 hours. It remains 0.8% lower over seven days. Spot volume was $28.2 billion and its market value stood at $1,646.5 billion.

Earlier in the session the tone was firmer. CoinDesk reported bitcoin rose to around $82,700 as China's GDP beat estimates and Nasdaq futures rebounded, with DeFi tokens leading altcoin gains. The lift faded later. Decrypt describes bitcoin limping back to the same floor while $108 oil and 5% yields weigh on risk assets, calling the chart "a coiled spring, not a trend."

Chart: BTC/USD on TradingView.

Ether and the majors

Altcoins outpaced bitcoin on the day, but every major is still down on the week. Cardano remains the weakest, off 10.5% over seven days.

Ether ranged from $2,329.53 to $2,443.80. Chart: ETH/USD on TradingView.

Breadth and sentiment

Total crypto market value was $2.76 trillion, down 0.75% over 24 hours, per CoinGecko. That dip contrasts with gains in the largest coins. Bitcoin dominance stood at 59.6% and Ether's share at 10.6%.

The Fear & Greed Index has swung over the past eight days. It read 69 on Oct. 12, fell to 53 on Oct. 15, rose to 63 on Oct. 16 and slipped back to 53 on Oct. 18 before today's 59.

What drove the market

• Treasury buyers kept adding. Strategy bought $22 million of bitcoin and repurchased $193 million of its STRC preferred stock, Decrypt reports. The firm raised its buyback cap to $3 billion and now holds 848,517 BTC at an average cost of $75,446.
• Bitmine nears its Ether goal. Tom Lee's Bitmine added $30 million in ETH, lifting its stash to 6.04 million ETH, or 4.9% of supply, according to Decrypt. Lee framed the selloff as an attractive entry point.
• JPMorgan goes to Ethereum. CoinDesk reports that JPM Coin, a token representing dollar deposits, is heading to Ethereum for a wider set of institutional clients.
• Stablecoin redemptions. World Liberty Financial's USD1 lost more than $400 million in market cap over two weeks of large redemptions, Cointelegraph reports.

For the macro backdrop, our sister site covered how AI debt fears pushed Treasury yields lower and ended the dollar's four-week win streak last week. Today's reversal higher in yields is what Cointelegraph links to bitcoin's rejection.

What to watch next

1. Tech earnings and $80,000 support. Cointelegraph says analysts expect bitcoin to retest $80,000 support as stocks head into key tech earnings.
2. New futures and PMIs. CoinDesk's week-ahead calendar flags CME's bitcoin cash and uniswap futures and global PMI data.
3. French tax proposals. France's National Assembly adopted a stablecoin swap tax amendment, while exit tax and self-custodial wallet reporting proposals remain under consideration, per Cointelegraph.