Bitcoin fluctuated around the $78,000 level at the start of the US trading session on Monday as government bond yields in major economies pushed higher. The move coincided with comments from US Treasury Secretary Scott Bessent and fresh multi-decade peaks in Japanese rates, keeping traders focused on tightening financial conditions.

Data showed BTC/USD trading in a relatively narrow range, with modest daily gains after an early dip. The price action occurred against a backdrop of elevated US Treasury yields and a broader global bond selloff that has extended into Asia.

US Yields Approach Long-Term Peaks as Treasury Comments Draw Attention

The US 10-year Treasury yield returned to approximately 4.76% to 4.78%, marking its highest levels since January 2025. The 30-year yield reached 5.269%, only six basis points short of the highest reading since January 2007.

In a CNBC interview, Treasury Secretary Scott Bessent stated that he had not yet purchased bonds to support the long end of the curve. “I haven’t bought anything yet,” he said, adding that he was fine with the rebound in yields following earlier announcements. The Treasury had previously said it would at least double the size of its debt buyback operations to $4 billion starting in September. Yields had eased after that disclosure but later resumed their climb.

Market commentary noted that the bond market appeared to be overlooking the Treasury’s messaging. Investor Ray Dalio earlier expressed skepticism about the ability of such programs to control yields and pointed to Bitcoin and gold as potential hedges amid concerns over long-term US debt dynamics.

US equities also traded lower, with the S&P 500 and Nasdaq Composite each down about 0.4% amid reports of new US-Iran military tensions.

Japanese Yields Hit Highest Level in Three Decades

In Japan, the 10-year government bond yield climbed to 3%, the highest level since October 1996. The surge forms part of a wider global bond market pressure that has lifted borrowing costs across developed economies.

The move comes ahead of the Bank of Japan’s policy decision scheduled for September 16. Officials have indicated readiness to raise rates in response to the yen’s recent weakness to multi-decade lows. Bessent separately commented that he believed Japanese authorities and the central bank would take steps to support a stronger yen.

Rising yields increase the opportunity cost of holding non-yielding assets such as Bitcoin. Analysts noted that sustained strength in long-term rates can reduce appetite for risk assets if investors shift toward government bonds.

Technical Levels and Momentum Signals in Focus

Bitcoin maintained support near its 50-week exponential moving average at approximately $77,269 ahead of the August monthly close. The cryptocurrency has posted month-to-date gains approaching 25%, its strongest August performance since 2017.

At the same time, technical analysts flagged a hidden bearish divergence on the daily relative strength index. While weekly RSI readings had shown bullish signals, daily values suggested fading momentum. One trader warned that continued lower highs on the daily RSI could add to near-term weakness. Earlier in the session the daily RSI stood near 70.7, still in overbought territory.

More recent price action tested the 38.2% Fibonacci retracement near $77,811, with the RSI moving lower toward 44. A close below that level could open the path toward the August 23 low around $75,545, according to chart analysis. Some observers also referenced historical patterns that previously preceded pullbacks toward the mid-$70,000 area before eventual breakouts.

On the demand side, large holders added substantial amounts of Bitcoin in recent weeks, and spot Bitcoin exchange-traded funds recorded strong monthly inflows. Smaller wallets, by contrast, realized profits after the advance from lower levels.

Macro Calendar Adds to Near-Term Uncertainty

Both the Federal Reserve and the Bank of Japan are scheduled to meet around mid-September. Market pricing has reflected expectations of further policy adjustments in response to inflation and currency pressures. Prediction markets have shown a majority of participants anticipating rate increases from the Fed during 2026.

Bitcoin’s ability to hold major moving-average support while global yields test multi-year highs remains the central short-term question for traders. The combination of US Treasury messaging, Japanese rate dynamics, and technical momentum signals continues to shape price action as the calendar turns to September.