On Tuesday, Bitcoin experienced a 1% increase, rising to just over $84,200 as it attracted buyers after dipping to around $82,500. This movement occurred while the 10-year Treasury yield remained close to 5.25%, following a rise to its highest point since 2007 on Monday, according to data from CoinDesk.
In the broader cryptocurrency market, Ether outperformed, climbing 2% to nearly $2,720. Other notable gainers included DOGE, which increased by 3%, and XRP, which rose by 2%. Conversely, BNB, SOL, and TRX each saw minor gains of less than 1%, while HYPE fell by 1%. ZEC was a notable exception, dropping 9% to around $1,423.
According to SoSoValue, U.S. spot Bitcoin ETFs attracted approximately $31 million on Monday, while ether funds garnered about $17 million. Additionally, SOL and XRP funds collectively brought in another $17 million. The only U.S. ZEC fund experienced a net outflow, losing roughly $8 million.
Alex Kuptsikevich, chief market analyst at FxPro, shared insights via email to CoinDesk, stating, "Cryptocurrencies are cautiously rebounding from last week's lows near $2.83 trillion, currently at the $2.87 trillion mark. However, the market is still technically in a short-term downtrend as long as it remains under $2.90 trillion. The strengthening U.S. dollar and equity market uncertainty are contributing to the market's unease."
He further noted, "The current scenario suggests that Bitcoin has established support following a pullback to previous highs, having sufficiently cooled off from its growth momentum. A sustained bullish sentiment could lead to new multi-month highs above $87,000."