Bitcoin slips under $80K as gold falls and yields drop
Bitcoin slipped below $80,000 as gold cooled and the 30-year Treasury yield moved toward three-week lows, with BTC trading near $78,111 after a 14-week high.
Bitcoin fell below $80,000 on Tuesday’s U.S. trading session, dropping to about $78,111 after earlier reaching roughly $81,265, a 14-week high. The retreat coincided with a pullback in gold and a decline in long-term Treasury yields.
Gold eased from multimonth peaks near $4,697 per ounce to about $4,605, a fall of nearly 2% on the day. The yield on the 30‑year U.S. Treasury slipped below 5.2%, moving toward its lowest level since early August.
U.S. equity indexes rose while bitcoin and gold fell. The S&P 500 and Nasdaq Composite advanced about 0.2% and 0.5%, respectively. The market moves occurred amid a breakdown in trade negotiations between the United States and Canada; the U.S. president posted on social media: ‘Over the last 10 years, the United States lost, on average, 60 Billion Dollars a year with Canada. No more!’
Market participants said the $80,000 area had acted as a zone of heavy selling, and bitcoin failed to hold that level after the intraday peak near $81,265.
Observers pointed to recent Treasury operations and bond-market dynamics. The Treasury announced larger debt buyback operations earlier in the month, and yields had risen to levels not seen since January 2007 before cooling. A trading newsletter posted on social media argued the Federal Reserve cannot cut rates in the current inflation environment and suggested direct Treasury intervention to push yields lower in the short term, adding: ‘Our view? Don’t fight the Treasury.’
Market-implied probability tools show roughly a 62% chance the Fed will pause at the September meeting. Attention now turns to upcoming data and corporate reports: the Personal Consumption Expenditures index for July is due Wednesday, and chipmaker Nvidia will report quarterly earnings the same day.
A trading firm noted that inflation readings and the Fed’s Jackson Hole symposium, scheduled for Aug. 27–29, are likely to influence rate expectations, bond liquidity and price action across cryptocurrencies, precious metals and equities.
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