Bitcoin Falls Below $82,000 Despite US Stock Rebound as Rising Treasury Yields Weigh

Bitcoin slipped below $82,000 after an attempt to break above $83,000 ran into selling pressure. The crypto market diverged from a broader rebound in equities and bond yields.

Cointelegraph reported on Oct. 19 that Bitcoin rose as high as $83,062 during the session before surrendering those gains and falling to $81,678 on Bitstamp. At the same time, the Nasdaq Composite climbed 1.5%, while South Korea's Kospi closed up 1.76% at 5,768, as Asian and US stock markets recouped part of the previous week's losses.

In the bond market, the yield on the 10-year US Treasury rose to 5.13%, while the 30-year yield climbed to 5.46%. Strong earnings expectations for major technology companies including Meta, SpaceX and Tesla ahead of their results helped push yields higher.

QCP Capital said in its latest analysis that the $80,000 support level could come under threat if deleveraging in equities spills over into the crypto market. On the other hand, stable Treasury prices, falling real yields and a weaker dollar would provide support for risk assets.

Bitcoin was unable to hold above $83,000 because sell orders were concentrated in that range. CoinGlass data showed heavy sell-side liquidity stacked above $83,000 on exchange order books, limiting further upside. Total crypto liquidations over the past 24 hours reached $335 million.

On-chain analytics platform CryptoQuant said Bitcoin whales reduced their exchange deposit activity during the period. The Binance whale ratio fell to 0.45 from 0.54 in early October. CryptoQuant said the decline indicates that the share of large Bitcoin deposits relative to total exchange inflows is shrinking, potentially signaling changes in trading strategies and asset allocation among large investors.