Bitcoin Volatile Near $78K as US Bond Yields Eye Fresh 20-Year High

Bitcoin traded in a tight range around $78,000 at Monday's Wall Street open as US Treasury Secretary Scott Bessent addressed concerns over surging bond yields. BTC/USD hovered near $78,898, up roughly 1% on the day, with sharp intraday moves reflecting mounting macroeconomic uncertainty ahead of the monthly close.

Yields on the US 30-year Treasury climbed to 5.269%, just six basis points short of their highest level since January 2007, while the 10-year yield reached 4.76%, matching peaks last seen in January 2025. In a CNBC interview, Bessent stressed that he had "not yet acted" to support the long end of the yield curve, though the Treasury announced plans to at least double its debt buyback transactions to $4 billion starting in September. Despite these measures, The Kobeissi Letter noted on X that "the bond market appears to be completely ignoring the US Treasury."

Bridgewater founder Ray Dalio echoed skepticism, warning of a future US debt crisis and recommending that investors overweight gold and Bitcoin while underweighting traditional debt assets. Meanwhile, US equities traded in the red, with both the S&P 500 and Nasdaq Composite Index down around 0.4% as geopolitical tensions over new US-Iran strikes filtered through to broader markets.

Technical analysis flagged a hidden bearish divergence on Bitcoin's relative strength index (RSI), adding to concerns about month-end price weakness. With monthly closing candles imminent and macro catalysts unresolved, traders are bracing for continued volatility across crypto and traditional risk assets.