Bitcoin faces near-term volatility as Treasury yields rise and traders assess whether demand can sustain the recovery.
Crypto markets remain volatile as investors assess shifting risk conditions
Photo Credit: Unsplash/Kanchanara
Bitcoin traded near Rs. 80.4 lakh on Friday as the cryptocurrency market remained under pressure from rising US Treasury yields and stronger-than-expected jobs data. Ethereum (ETH) was trading near Rs. 2.56 lakh, while major altcoins showed mixed momentum. Market participants said Bitcoin's pullback from the $87,000 (roughly Rs. 83.4 lakh) area reflects a leverage reset after the recent rally, while higher bond yields and more hawkish interest-rate expectations are weighing on risk appetite. According to CoinGecko data, Bitcoin traded near $83,800 (roughly Rs. 80.3 lakh), and Ethereum was trading near $2,660 (roughly Rs. 2.55 lakh).
The world's largest cryptocurrency showed resilience but still fell 0.2 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said Bitcoin's pullback towards $84,000 (roughly Rs. 80.5 lakh) reflects a reset in leverage after the recent rally, with nearly $80 million (roughly Rs. 767 crore) in BTC long positions liquidated as prices briefly dipped below $83,000 (roughly Rs. 79.5 lakh). Despite this, spot Bitcoin ETFs have recorded inflows for five straight days, while wallets holding 100-1,000 BTC have accumulated more than 113,000 BTC since mid-July.
Binance Coin (BNB) was priced around $771 (roughly Rs. 73,900), while Solana (SOL) traded near $116 (roughly Rs. 11,100). XRP hovered around $1.53 (roughly Rs. 144), while Dogecoin (DOGE) was trading close to $0.094 (roughly Rs. 8.6).
Assessing Bitcoin's latest pullback, the CoinSwitch Markets Desk said, “Bitcoin's pullback towards $84,000 (roughly Rs. 80.5 lakh) looks largely like a leverage reset after the recent rally. Nearly $80 million (roughly Rs. 767 crore) in BTC longs were liquidated as prices briefly dipped below $83,000 (roughly Rs. 79.59 lakh), while consistent ETF inflows and whale accumulation indicate that underlying demand remains intact. The market is now testing whether this demand can absorb short-term volatility.”
Highlighting continued demand despite pressure from the bond market, Prateek Gupta, Head of Business, Mudrex, said, “Bitcoin remains around $84,000 (roughly Rs. 80.5 lakh) as the bond selloff weighs on risk appetite, while stronger-than-expected jobs data has added to the near-term consolidation. Despite this, demand remains strong, with US spot Bitcoin ETFs posting inflows for five straight days [...] Focus now turns to the Trump-Xi summit, where prediction markets see about 93 per cent odds of a tariff deal.”
Commenting on the impact of rising Treasury yields and the upcoming options expiry, Vikram Subburaj, CEO, Giottus.com, said, “The 10-year yield has moved above 5 percent, increasing pressure on risk assets. Markets are also reassessing the path of US interest rates, with expectations turning more hawkish [...] The market is also entering a period of higher derivatives volatility, with the September 25 options expiry adding to short-term positioning risks [...] For investors, it is better to avoid chasing sharp moves and keep leverage limited until the market settles around key support levels.”
Overall, analysts said Bitcoin's latest pullback reflects a leverage reset after the recent rally, while rising US Treasury yields, stronger jobs data and more hawkish interest-rate expectations are keeping risk appetite under pressure. Bitcoin's $80,000-$82,000 (roughly Rs. 76.7 lakh-Rs. 78.6 lakh) support range remains important, while $86,000-$87,300 (roughly Rs. 82.4lakh-Rs. 83.7 lakh) is the key resistance zone.
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