PrimeXBT Insights: Bitcoin rallied through a rate hike; Can it rally through a bond selloff?

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By Jonatan Randin , Senior Market Analyst at PrimeXBT

In mid September the setup looked bad for Bitcoin. The CLARITY Act failed in the Senate on 15 September and the Fed hiked to 3.75 to 4.00% the next day. Bitcoin (BTC) briefly traded under $75,000 . A week later it was above $87,000 .

Then the bond market moved, and Bitcoin stopped going up.

On 23 September the 10 year US Treasury yield jumped more than 18 basis points , the biggest one day rise since April 2025. It kept going and rose above 5.2% the next day, the highest since 2007. The 30 year reached about 5.50% , a level last seen in 2004.

There was no single trigger. Strong PMI data, a weak five year auction and higher oil all played a part. The Treasury even bought back $4 billion of long bonds on 24 September, and yields still rose.

Everyone saw it coming. By the eve of the meeting, futures markets priced the hike at close to 90% . Some of Bitcoin’s weakness in the weeks before arguably reflected that repricing.

ETF flows show it. Spot Bitcoin ETFs lost about $750 million over 15 and 16 September, then took in $2.39 billion in the week to 25 September, their biggest week since October 2025 according to Farside Investors.

Look at those flows day by day: $999 million on Monday, then $715 million , $347 million , $191 million and $135 million on Friday. The buying never stopped. It just got smaller as yields went up.

A hike is one decision with a known size. A bond selloff has no size, and the market decides how far it goes. Yields above 5% compete directly with an asset that pays nothing.

There’s another way to read it. If the Treasury has to keep borrowing at higher rates, the deficit grows and so does the supply of bonds. Many in crypto see that as the long term case for Bitcoin. For now, though, the short term effect is the one showing up in the flows.

So far Bitcoin is holding the move. It isn’t extending it.

On the 3 day chart, Bitcoin broke above the $70,000 region around 20 August. It then spent a few weeks consolidating near $80,000 before breaking higher again last week.

That second breakout matters. It’s arguably the first higher high on the higher timeframes since the bear market began, and price reached above $87,000 before pulling back.

Bitcoin (BTC/USD) 3 day chart with the 20 and 50 EMA. The breakout above $80,000 marks the first higher high since the bear market began, and the 20 EMA has crossed above the 50 EMA. Source: TradingView

The moving averages support the same picture. The 20 EMA has crossed above the 50 EMA on the 3 day chart for the first time since they crossed down in November 2025, which is roughly where the bear market started.

Price is now retracing the latest leg up. The next higher timeframe support sits at $80,000 , and the 50% Fibonacci retracement of the move from around $75,000 to $87,000 falls just above it, near $81,000 .

As long as Bitcoin holds the $80,000 area, the overall structure could still be read as constructive. A sustained move back below it would put that higher high into question.

As Bitcoin’s recovery meets pressure from rising bond yields, PrimeXBT , a global multi-asset broker and crypto asset service provider, allows traders to position for either a continuation of the rally or a deeper pullback. Clients can trade BTC through Crypto Futures and CFDs, taking long or short positions with adjustable leverage, as well as buy, exchange and hold Bitcoin and other cryptocurrencies.

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The same forces testing Bitcoin’s recovery are also relevant to Gold, US Dollar pairs and major equity indices. PrimeXBT provides access to these markets offering more than 350 instruments with accounts in USD, USDT, USDC, BTC and ETH. This gives traders scope to act on a broader macroeconomic view across crypto and traditional markets.

On broker’s PXTrader 2.0 platform, TradingView-powered charting allows traders to follow the $80,000 support area and the moving-average signals discussed above, while advanced order and risk-management tools help them manage positions as the outlook develops. Crypto Futures execution combines a real order book and deep liquidity with volume-weighted average pricing (VWAP). With Bitcoin holding its breakout but struggling to extend it, the emphasis shifts from identifying the rally to managing the trade as evidence for its next move emerges.

PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store and exchange cryptocurrencies. This unified experience extends across both the native PXTrader 2.0 platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology and dedicated human support. By combining expertise, trust and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow and succeed with confidence.

Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. The Company does not accept clients from the Restricted Jurisdictions as indicated on its website / T&Cs. Some products and services, including MT5, may not be available in your jurisdiction. The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.

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