Bitcoin pushed to a fresh multimonth high on Thursday after Wall Street opened, rising even as US stocks weakened and Treasury yields bounced back. Data from TradingView showed BTC/USD retesting $71,000 before reaching $72,505 on Bitstamp, its highest level in 11 weeks and more than 4% higher on the day.
The move unfolded as markets reacted to renewed US-Iran tension. US President Donald Trump, frustrated over the lack of a deal with the United States on the Strait of Hormuz oil route, said Iran would face the “most crushing economic operation ever taken against any country.” In a post on Truth Social, he labeled the threat “Economic D-Day” and wrote, “This will be economic warfare and isolation on an unprecedented scale.”
US equities opened lower after those remarks, while oil moved the other way. WTI crude reached $87.69 per barrel during the session, its highest level since July 24.
Treasury yields swing back up after the prior day’s drop
The bond market was also volatile. A day earlier, US government bond yields had fallen sharply after the Treasury said it would at least double the size of its bond-market liquidity interventions starting in September. By Thursday, that move had partly unwound.
The 30-year Treasury yield traded as low as 5.179% before rebounding to 5.266%, a rise of 9 basis points that nearly erased the previous downside. The 10-year yield also reversed the prior session’s drop.
The Kobeissi Letter questioned whether the Treasury’s action would be enough to settle markets. In a post on X, it wrote, “It’s going to take a lot more intervention to tame this beast.” The Treasury said in its announcement that it would revisit the size of debt buyback operations on Nov. 4.
Bitcoin’s $10,000 four-day run still faces skepticism
Even after gaining nearly $10,000 in four days, Bitcoin’s rebound has not convinced everyone that a lasting turn is already in place.
Trader and analyst Rekt Capital said on X that BTC/USD would need to rally much more to challenge what he described as a weakening-support bear-market structure. “Bitcoin will need to rally a lot more than what it has produced thus far if price is to invalidate the ‘weakening support’ idea. At the moment, technicals are pointing to $60k as a weakening macro support,” he wrote on Thursday.
In another post, he added that historical four-year BTC price-cycle patterns still leave room for a new macro low through the end of 2026.
CryptoQuant sees positive demand returning, but only modestly
Ki Young Ju, CEO of onchain analytics platform CryptoQuant, pointed to a different signal. He said positive demand has returned for Bitcoin across both spot and derivatives markets, something not seen since October 2025, when BTC/USD marked its most recent all-time high at $126,200.
“The scale remains modest, but if this holds for another month, it would be reasonable to conclude that the bear market is over and a new bull cycle has begun,” he told followers on X.
Cointelegraph had previously reported that missing spot demand remained a key gap for any sustainable crypto market reversal. After Bitcoin’s latest surge, that demand picture is back at the center of the debate.