Bitcoin begins volatile monthly close as US yields climb
Bitcoin begins volatile monthly close trading as prices gyrated around $78,000 at Monday's Wall Street open, while US bond yields neared multi-decade highs. Treasury Secretary Scott Bessent told CNBC he had not yet bought bonds to shore up the long end of the curve, even as the 30-year yield sat just shy of a 20-year peak.
Key Takeaways
- BTC/USD swung near $78,000 at the US open as August's monthly candle approached, holding the 50-week EMA near $77,269 as support.
- Bessent said on CNBC he had not yet intervened on 10-year and 30-year bonds and was "fine" with yields rebounding after the Treasury's buyback plan.
- The 10-year yield hit 4.76%, its highest since January 2025; the 30-year reached 5.269%, six basis points from January 2007 highs.
- Analyst Rekt Capital flagged a hidden bearish daily RSI divergence even as Bitcoin's August gains neared 25%, its best August since 2017.
For more market alerts, see BlasterPost's Fintech & Crypto Alerts hub. Reporting below draws on Cointelegraph's markets coverage.
Why did Bitcoin move as Bessent spoke on yields?
After dipping into the US session, BTC/USD rebounded quickly when Bessent hinted at further bond-market interventions. TradingView data showed the pair in a narrow range, up about 1% on the day.
In the CNBC interview, Bessent stressed he had not yet acted to support the long end of the yield curve. "I haven't bought anything yet," he said, adding he was "fine" with yields rebounding after the announcement.
This month the Treasury said it would at least double debt buyback transactions to $4 billion from September. Yields fell on that news, but by Monday the 10-year was back at 4.76%.
How close are US bond yields to a 20-year high?
The 30-year yield printed 5.269% on the day—only six basis points short of its highest levels since January 2007. Trading resource The Kobeissi Letter said on X that the bond market appears to be "completely ignoring" the US Treasury.
Investor Ray Dalio earlier voiced skepticism that Treasury can control bonds even under the new program. Forecasting a future US debt crisis, he named Bitcoin and gold as potential hedges and urged underweighting debt assets like bonds.
US stocks stayed red, with the S&P 500 and Nasdaq Composite each about 0.4% lower as tensions over new US-Iran strikes weighed on risk appetite.
What does the monthly close signal for BTC traders?
Ahead of the August monthly candle close, Bitcoin held its 50-week exponential moving average at $77,269. Cointelegraph has called that level a key line in the sand for bulls, with month-to-date gains near 25%—Bitcoin's best August since 2017.
Trader Rekt Capital warned of a hidden bearish divergence on daily charts between price and the relative strength index. Despite bullish weekly RSI signals, he said lower highs on the daily RSI could add to month-end weakness.
Daily RSI sat at 70.7 on Monday, still in overbought territory. That mix—strong August performance, critical EMA support, and fading daily momentum—helps explain why bitcoin begins volatile monthly closing action as macro yields stay elevated.