Bitcoin price action saw sharp moves within its local range as US Treasury Secretary Scott Bessent addressed US bond yields.
Bitcoin (BTC) gyrated around $78,000 at Monday’s Wall Street open as US bond yields neared 20-year highs again.
Bitcoin spikes as Bessent discusses bond yields
Data from TradingView showed BTC/USD trading in a narrow range, up around 1% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
After falling into the start of the US trading session, the pair saw a swift rebound as US Treasury Secretary Scott Bessent hinted at further interventions in the US bond market. In an interview with CNBC, Bessent stressed that he had not yet acted to shore up the long end of the yield curve — 10-year and 30-year bonds.
“I haven’t bought anything yet,” he told the network, adding that he was “fine” with yields rebounding after the announcement.
This month, the Treasury announced that it would be at least doubling the size of its debt buyback transactions to $4 billion from September. At the time, yields fell, but on Monday, the 10-year yield was back at its highest levels since January 2025 at 4.76%.
US 10-year bond yield one-week chart. Source: Cointelegraph/TradingView
The 30-year yield reached 5.269% on the day, six basis points short of its highest levels since January 2007.
“The bond market appears to be completely ignoring the US Treasury,” trading resource The Kobeissi Letter responded in a post on X.
US 30-year bond yield one-day chart. Source: Cointelegraph/TradingView
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