Bitcoin cools after rally as macro uncertainty weighs on risk assets

Bitcoin gave back its recent gains on September 28, sliding as much as 2.2% intraday to roughly $82,702 after briefly touching an eight-month high above $87,000 earlier in the week. The culprit was familiar: macroeconomic anxiety, powered by Treasury yields crossing the 5% threshold and a Federal Reserve that shows no sign of pivoting anytime soon. The decline knocked Bitcoin into a trading range between $82,700 and $84,000, leaving it approximately 33% below its all-time high of around $126,000 set back in October 2025. For a coin that was flirting with $87,315 just days ago, the reversal was swift and sobering. What triggered the sell-off The US 10-year Treasury yield pushed past 5% for the first time since 2007. When Treasuries offer 5%, investors tend to reassess whether they want to hold volatile assets that pay no yield. The Fed’s continued hawkish posture on interest rates didn’t help matters. Persistent inflation concerns have kept the central bank firmly in “higher for longer” territory, and traders have largely abandoned near-term rate cut expectations. A stronger dollar compounded the pressure, making dollar-denominated risk assets less attractive to global investors. Di...