Bitcoin fell below $80,000 into Tuesday's Wall Street open, pulling back from a 14-week high, as gold also retreated and US bond yields cooled. The pullback follows a Treasury move to expand its bond buyback program, with traders now turning to Wednesday's inflation print and Nvidia earnings for the next catalyst.
Bitcoin (BTC) fell below $80,000 as US trading hours got underway on Tuesday, with crypto and gold giving up ground even as US equities extended gains. The $80,000 zone, an area traders had flagged as strong sell pressure, proved difficult to reclaim.
Bitcoin and gold pull back together
Data from TradingView showed BTC/USD dropping as low as $78,111 on Bitstamp after touching new 14-week highs of $81,265. Gold moved the same way: XAU/USD hit local lows of $4,605 per ounce, down nearly 2% on the day, coming off its highest levels since mid-May. Even with the pullback, Bitcoin is still up roughly 28% for the month, which would make August its best monthly performance since November 2024.
US stocks, meanwhile, moved the opposite way. The S&P 500 and Nasdaq Composite posted modest daily gains of 0.2% and 0.5%, respectively, largely brushing off a brewing US-Canada trade dispute.
The Treasury's buyback plan is driving yields lower
The move traces back to a Treasury announcement on August 19 to at least double its liquidity-support buybacks of long-dated bonds, from $2 billion to a minimum of $4 billion per operation, effective September 9. As a result, the 10-year Treasury yield settled near 4.71-4.72%, weakening the dollar and initially lifting both Bitcoin and gold. US 30-year yields, too, dropped below 5.2%, eyeing their lowest levels since August 7.
ETF inflows and what comes next
Spot Bitcoin ETFs absorbed nearly $2 billion in inflows over recent sessions, a pace that coincided with a wave of short liquidations across crypto derivatives markets forcing sellers to buy back into their positions. Bitcoin's all-time high sits at approximately $126,000, reached in October 2025, leaving the current price roughly 36% below that record.
Attention now turns to Wednesday's July Personal Consumption Expenditures print, the Fed's preferred inflation gauge, alongside Nvidia's earnings the same day. Market consensus currently puts the odds of a rate-hike freeze at the Fed's September meeting at 61.9%, based on CME Group's FedWatch Tool.
Sources: Cointelegraph.com News, Crypto Briefing
Trading involves risk.
Risk Disclaimer
