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Following
BTC Bitcoin (BTC) hit a multi-month high after Wall Street opened on Thursday, while stocks fell and bond yields rebounded amid tensions over the U.S. -Iraq war.
Key Points:
Bitcoin continues to climb from an 11-week high, reaching US$72,500 on Bitstamp.
U.S. bond yields fluctuated after U.S. President Donald Trump threatened to launch an "economic war" against Iran.
Bitcoin market participants questioned whether the rally could be sustained.
U.S. bond yields reversed higher after Trump promised to launch an "economic war" against Iran.
TradingView data showed that after BTC/USD was retested on Bitstamp for US$71,000, it hit an 11-week high of US$72,505, an increase of more than 4% on the day.
One-day chart of BTC/USD
U.S. stocks opened lower after U.S. President Donald Trump threatened Iran to take "the toughest economic action ever taken against any country" and called it "Economic D Day." "This will be unprecedented economic war and isolation," he wrote in a post on Truth Social. Previously, he was frustrated that the United States had failed to reach an agreement on the Strait of Hormuz oil route. WTI crude oil reached US$87.69 a barrel on the day, the highest since July 24.
WTI Crude Oil CFDs One-Day Chart
The comments appeared to further lead to a rebound in Treasury yields, a day after the U.S. Treasury Department announced it would at least double the size of its bond market liquidity intervention from September, sending yields sharply lower. The yield on the 30-year Treasury bond fell to 5.179% on the day, and then rebounded to 5.266%, an increase of 9 basis points, almost erasing the previous decline. The 10-year Treasury yield also reversed the previous day's decline.
One-day chart of U.S. 30-year Treasury yields
Kobeissi Letter expressed doubts that intervention would be enough to stabilize markets. It posted on X: "More intervention is needed to tame this beast." The U.S. Treasury Department confirmed in its announcement that it will reassess the scale of the debt repurchase operation on November 4.
U.S. 10-year Treasury yield chart
Analysis: Bitcoin bull market is back too early
After rising nearly $10,000 in four days, Bitcoin has market participants questioning the durability of its new rally.
In ongoing reporting on X, trader and analyst Rekt Capital believes that BTC/USD needs to maintain its gains to challenge the dominance of the bear market. He wrote on Thursday: "If prices are to overturn the 'weakened support' view, Bitcoin needs to show a larger gain than it currently has. Currently, technical indicators point to US$60,000 as weakening macro support." Another post noted that based on a four-year cycle of Bitcoin price patterns, new macro lows could appear before the end of 2026.
BTC/USD One-month chart
Ki Young Ju, CEO of online analytics platform CryptoQuant, continues to point out that Bitcoin has seen a return to positive demand in the spot and derivatives markets-a phenomenon unseen since BTC/USD hit a record high of $126,200 in October 2025. He told fans on X: "It's still small, but if this continues for another month, it's reasonable to conclude that the bear market is over and a new bull cycle has begun."
Bitcoin Demand Growth Data
