PrimeXBT Insights: Bitcoin rallied through a rate hike; Can it rally through a bond selloff?
Bitcoin fell briefly after the Senate blocked the CLARITY Act and the Fed hiked rates, but the bigger driver became the bond market. On 23–24 September, the 10-year Treasury yield surged above 5.2% and the 30-year reached about 5.5%, levels not seen in years. Strong PMI data, a weak auction, and higher oil helped push yields higher. Unlike the Fed hike, which markets had already largely priced in, rising long-term yields created a direct headwind for Bitcoin because higher bond returns compete with a non-yielding asset. Spot Bitcoin ETF flows stayed positive overall, but buying slowed as yields rose, showing some pressure on demand. Technically, Bitcoin broke above $80,000, made a higher high near $87,000, and the 20-day EMA crossed above the 50-day EMA on the 3-day chart. The $80,000 area is key support; losing it would weaken the bullish setup.
