Bitcoin gives back gains as long-term holder supply keeps $85K out of reach — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin reversed gains after Tuesday's Wall Street open, retreating below $83,600 after a local rally to $84,540 stalled at overhead resistance
- US Treasury yields hit multidecade highs — the 30-year above 5.60% (a 24-year high) and the 10-year at 5.26%, approaching levels last seen in April 2002
- Gold dropped 3.6% on Monday to $4,115 per ounce before rebounding to $4,166, with The Kobeissi Letter calling the move "highly unusual" and blaming the surge in yields for disrupting precious metals
- Glassnode reported that more long-term holder coins sit at $84,000-$85,000 than at any other price on the chart, creating the heaviest supply cluster blocking further upside
- Exchange order books showed ask liquidity thickening around $85,000, reinforcing the ceiling that has repelled Bitcoin's last two attempts to break higher this week
- Mosaic Asset Company flagged US equities as "extremely oversold," noting year-to-date breadth measures matched late March levels when the S&P 500 fell near correction territory
- Markets are pricing in a 0.25% Federal Reserve rate hike at the October meeting, even as higher-than-expected August job gains could support further stock gains
Why it matters: The $84K-$85K zone holds the chart's densest concentration of long-term holder coins, meaning any rally into that range risks heavy profit-taking from underwater buyers exiting at breakeven. With 30-year yields above 5.60% adding a macro drag and a Fed hike baked in for October, Bitcoin's path higher likely requires absorbing that supply wall before testing the next leg up.
Ask SkimNews
