Bitcoin gives back gains as long-term holder supply keeps $85K out of reach

Bitcoin (BTC) reversed its latest gains after Tuesday’s Wall Street open as US bond yields continued to set multidecade highs.Key points:Bitcoin abandoned a low-time frame rebound after reaching $84,450, dipping back below $83,000.US bond yields set new multidecade highs on Tuesday as gold sought to recover from a 3.6% drop to $4,115 per ounce.Ask liquidity continued to cement itself above the spot price around $85,000 on exchange order books.Bitcoin rejects near $85,000 as bond-yield rally continuesData from TradingView showed a local rally to $84,540 stalling as the US trading session began, with BTC/USD retreating below its daily opening level near $83,600.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewUS bond markets showed no sign of cooling on the day, with the 30-year yield reaching new 24-year highs above 5.60% and the 10-year yield hitting 5.26%, on the cusp of passing its June 2007 high to levels last seen in April 2002.US 10-year bond yield one-month chart. Source: Cointelegraph/TradingViewGeopolitical uncertainty surrounding the US-Iran war, high oil prices and persistent inflation kept investors cautious, while surging bond yields also sent precious metals lo...