Bitcoin trades around $84,000 after profit booking as rising US Treasury yields pressure crypto markets

Bitcoin traded near the $84,000 mark on Friday after witnessing some profit booking from recent highs. The cryptocurrency was trading at the $84,658 level.

In the past 24 hours, Bitcoin and Ethereum were up 1.63% and 2.37%, respectively. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano gained up to 8.24%, whereas Tron was down 0.55%.

Avinash Shekhar, Co-founder and CEO of Pi42, said the broader crypto market remains cautious as rising US Treasury yields have put pressure on risk assets. Despite the pullback, BTC continues to hold above important near-term support levels, suggesting that buyers remain active on dips.


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He further said Bitcoin's ability to hold key support levels will remain important for market direction, and traders should expect volatility to remain elevated and avoid excessive leverage as the market searches for its next decisive move.

The global crypto market capitalisation was up 1.72% to $2.89 trillion, according to data on CoinMarketCap. "The crypto fear and greed index is currently at 73, indicating the market sentiment is greedy," said the CoinDCX Research Team.

Prateek Gupta, Head of Business at Mudrex, said Bitcoin is holding near $84,000 as the renewed bond selloff keeps broader risk appetite in check, while stronger-than-expected jobs data also added to the consolidation.

Markets are now watching the Trump-Xi summit, with prediction markets pricing roughly 93% odds of a tariff deal, Gupta added.

Over the last week, Bitcoin and Ethereum were up 8.42% and 8.03%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano gained up to 17.92%.

CoinSwitch Markets Desk said BTC is trading around $84,000, with intraday volatility pushing prices briefly below $83,000. The move triggered nearly $80 million in BTC long liquidations, reflecting elevated leverage after the recent rally.

Despite the pullback, consistent ETF inflows and continued whale accumulation suggest underlying demand remains firm even as macro pressures persist, according to CoinSwitch Markets Desk.

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Market perspective:

Nischal Shetty, Founder, WazirX: The cryptocurrency market remained positive, with total market capitalisation rising 1.52% to $2.89 trillion. Bitcoin traded at $84,813.75, gaining 0.73% over 24 hours, while Ethereum gained 0.56% to $2,696.95. Their seven-day gains stood at 10.55% and 9.83%, respectively, reflecting a broader market recovery.

Vikram Subburaj, CEO, Giottus: For investors, the $84,000 level is important in the near term. It is better to avoid chasing sharp moves and keep leverage limited until the market settles around key support levels.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)