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Bitcoin holds $64,000 as surging yields and oil drain risk appetite
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- DeepHorus
Bitcoin traded near $64,100 on Tuesday, up 1% on the day and holding above $64,000 even as rising bond yields and climbing oil drained appetite for risk assets, according to CoinDesk data. Ether remained near $1,893, while most other major cryptocurrencies sat flat. Hyperliquid stood out as the week's outlier, gaining 8.3%.
The pressure came from bonds and crude markets. The 30-year Treasury yield rose to 5.33%, its highest level since 2007, as investors demanded greater compensation for financing heavily indebted governments and guarding against sticky inflation. Long-dated yields climbed worldwide, and S&P 500 futures fell 0.5%, heading for a third consecutive day of losses.
Brent crude topped $91 a barrel as the US-Iran conflict escalated. President Trump threatened to bomb Oman if it interfered with US operations in the region. This geopolitical tension added to the cautious mood across global markets.
The combination of higher oil and higher yields represents the macro headwind that has capped cryptocurrency markets all summer, now sharpening. Higher oil feeds inflation, inflation lifts yields, and rising borrowing costs pull money out of risk assets. These dynamics reinforce expectations that central banks will keep monetary policy tight. Bitcoin sits within the same risk complex, so the read-through is negative at the margin.
What stands out is that bitcoin is holding its ground anyway. It is up on the day and green on the week while stocks fall for a third session and yields reach generational highs. This relative firmness fits the narrative of returning exchange-traded fund demand rather than fighting it. Market observers are watching whether bitcoin can keep diverging from traditional risk assets.
A break above $64,500 would strengthen the case that fresh buyers are absorbing the macro pressure. However, if oil pushes toward $100 and yields climb further, that resilience could be tested quickly. For now, bitcoin remains in a delicate balance between supportive fund flows and deteriorating macroeconomic conditions.
