QCP: Rising US yields weigh on Bitcoin; tonight's CPI may determine short-term direction

TechFlow reports that on September 11, QCP stated in its latest market commentary that Bitcoin came under pressure ahead of tonight's release of U.S. CPI data, retracing from last week's peak of $82,000 to around $77,000, marking declines of approximately 2% over both the week and the month. The report noted that the effectiveness of the U.S. Treasury's intervention in long-end yields fell short of market expectations, with the 10-year U.S. Treasury yield approaching 5%, thereby weakening the prior narrative that Bitcoin had been supported by Treasury liquidity.

QCP believes that the current upward movement in yields is primarily driven by tighter policy expectations and risk premiums rather than economic growth, creating an unfavorable backdrop for Bitcoin. If core CPI comes in below or in line with expectations, it may revive discussions regarding a potential Federal Reserve rate pause, prompting Bitcoin to retest the $80,000–$82,000 resistance zone. Conversely, if the data prints hot and the 10-year U.S. Treasury yield breaches 5%, Bitcoin may lose the $76,300–$76,500 support level, potentially slipping further into the $74,000–$75,000 region.