Bitcoin broke its May high and reached $84K, surprising market commentators who expected rising Treasury yields, higher energy costs and broader economic uncertainty to weigh more heavily on risk assets. Guy from Coin Bureau said the rally caught him off guard, but argued that Bitcoin's momentum had become difficult to ignore.
He pointed to Bitcoin's move above its 50-week moving average, a level that has marked the end of previous bear markets in his view. Spot Bitcoin ETFs have also started seeing sustained inflows again, suggesting the rally is being supported by spot demand rather than only short positions being liquidated. The panel also noted that strength in selected altcoins, including Zcash and Hyperliquid, has helped lift sentiment across crypto.
Why it matters
The rally is challenging the simple assumption that higher rates automatically force Bitcoin lower. Rob from Digital Asset News noted that Bitcoin has performed well during several historical rate-hike periods, while also warning that the asset's four-year cycle and macro backdrop leave room for another drawdown.
That tension is central to the current market setup. The 10-year Treasury yield was cited at 5.1% and the 30-year yield at 5.4%, levels that would normally pressure long-duration and other risk assets. Yet Bitcoin has continued higher, with momentum and renewed ETF demand offsetting some of that macro pressure.
Market impact
The panel's near-term view was cautiously bullish rather than outright complacent. Guy said crypto sentiment has improved sharply from its recent lows and that capital is increasingly moving toward projects with revenue and usable products. He highlighted Hyperliquid and Uniswap as examples of protocols that are being evaluated beyond pure governance-token speculation.
Q4 remains the main risk to the bullish thesis. The speakers cited past cycle weakness, leverage build-ups and unexpected shocks such as exchange failures, tariff announcements or geopolitical developments. Rob described dollar-cost averaging as a way to manage that uncertainty, while Guy said investors should still account for the possibility of a sudden reversal even if Bitcoin avoids a new low.
Frequently asked questions
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What helped Bitcoin sustain its latest rally despite higher Treasury yields?
The panel linked the move to stronger momentum, a break above the 50-week moving average and sustained spot Bitcoin ETF inflows. Those inflows suggest demand beyond short-covering.
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Why is the 50-week moving average important in this discussion?
Guy from Coin Bureau said Bitcoin's move above the 50-week moving average has marked the end of previous bear markets in his view. He treated the latest break as a supportive momentum signal.
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What is the main risk to Bitcoin's bullish setup in Q4?
The speakers cited historical Q4 weakness, leverage build-ups and unexpected exchange, policy or geopolitical shocks. A reversal remains possible even if Bitcoin avoids a new low.
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How does dollar-cost averaging feature in the panel's strategy?
Rob described dollar-cost averaging as a way to keep buying through uncertainty rather than trying to call the exact top or bottom. He increases exposure as his risk assessment declines.
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Which altcoins did the panel identify as benefiting from the broader rally?
The discussion highlighted Zcash and Hyperliquid as sentiment leaders, while Uniswap was cited in connection with payments and tokenized real-world assets. The panel favored projects with revenue or usable products over pure speculation.
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