Bitcoin Holds Above $85,000 as Oil and Bond Yields Ease

Bitcoin traded at $85,736 early Tuesday, September 22, holding above $85,000 after climbing past that level for the first time in eight months. The price was down about 1% at the time, following a rally that had lifted it above $87,000 on Monday.

The move came as pressure from energy prices and bond yields eased. Brent crude, the global oil benchmark, slipped below $100 a barrel on Monday after approaching $110 the previous week. The 10-year U.S. Treasury yield fell to about 4.96%, from a recent high near 5.04%.

That pullback helped lift a broader range of investments. The S&P 500 rose 1.5% on Monday, while the Nasdaq Composite gained 2.3%, according to the Associated Press. Lower oil can ease inflation worries, which had helped push yields higher and weighed on markets.

Oil’s retreat followed signs of possible de-escalation involving Iran and renewed hopes for talks. But the supply picture remained uncertain: AP reported that some Middle Eastern crude was moving through the Strait of Hormuz, though shipments remained below industry needs.

Bitcoin’s rally also coincided with heavy buying through U.S. spot bitcoin exchange-traded funds. SoSoValue data cited in market reports showed about $999 million in net inflows on September 21, the funds’ largest daily intake since October 2025. That points to demand beyond the immediate shift in oil and bond markets.

The rally brought Bitcoin back above the average cost basis for U.S. spot ETF investors, which CoinDesk put at $82,225. It was the first time the price had cleared that level since falling below it in January.

Still, the price swings showed that confidence was not settled. Bitcoin traded between roughly $81,700 and $87,300 during Monday’s session, a wide range that leaves $85,000 as a level traders will be watching.

The next test is whether oil and yields keep easing, rather than reversing higher. A renewed rise in either could revive inflation concerns and put pressure on risk-sensitive assets, including Bitcoin.