Why is Bitcoin moving today?

Bitcoin is essentially flat, down 0.4% over 24 hours at $84,258, as a strong week — up 10.2% — runs into a tougher macro backdrop. US Treasury yields hit a 19-year high on Thursday, their highest since 2007, pressuring risk assets broadly and leaving BTC pinned near $84,000 rather than extending its rally.

The $85,000 area is the immediate technical focus. JPMorgan notes that level marks Bitcoin's estimated production cost, and this week's brief move above it would ease pressure on miners after BTC spent roughly 280 days below the threshold. Glassnode adds context on the tape, calling this the first Bitcoin bear market in which price never fell below realized price.

Sentiment is also absorbing a security shock: a newly created wallet drained about $350 million from hot and cold reserves linked to exchange Bitget in under an hour. On the policy side, the Federal Reserve opened two stablecoin proposals for comment under the GENIUS Act, and New York sued Polymarket over alleged unlicensed gambling.