Bitcoin Price Hits New Local High Above $72,500 Despite Cooling US Stocks

Bitcoin (BTC) saw multimonth highs after Thursday’s Wall Street open while stocks dipped and bond yields rebounded on US-Iran war nerves.

Key points:

• Bitcoin builds on its highest levels in 11 weeks to hit $72,500 on Bitstamp.
• US bond yields see volatility after president Donald Trump threatens “economic warfare” with Iran.
• Bitcoin market participants question whether the rally has staying power.

US bond yields reverse higher after Trump pledges “economic warfare” with Iran

Data from TradingView showed BTC/USD retesting $71,000 before hitting new 11-week high of $72,505 on Bitstamp, up by more than 4% on the day.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

US equities opened lower after US president Donald Trump threatened Iran with the “most crushing economic operation ever taken against any country,” calling it “Economic D-Day.”

“This will be economic warfare and isolation on an unprecedented scale,” he wrote in a post on Truth Social amid frustration over the lack of a deal with the US on the Strait of Hormuz oil route.

WTI crude oil reached $87.69 per barrel on the day, its highest since July 24.

CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView

The comments further appeared to cause a rebound in US government bond yields, which had fallen sharply the day prior after the US Treasury announced that it would at least double the size of its bond-market liquidity interventions from September.

The 30-year yield traded as low as 5.179% on the day before rebounding to 5.266% — an increase of 9 bps, which nearly erased the previous downside. The 10-year bond yield also reversed the previous day’s drop.

US 30-year bond yields one-day chart. Source: Cointelegraph/TradingView

The Kobeissi Letter cast doubt on whether the intervention would be sufficient to calm markets. 

“It’s going to take a lot more intervention to tame this beast,” it wrote in a post on X. The Treasury confirmed in its announcement that it would revisit the size of debt buyback operations on Nov. 4.

US 10-year bond yields chart. Source: The Kobeissi Letter on X.com

Analysis: Too early to call Bitcoin bull-market comeback

After gaining nearly $10,000 over four days, Bitcoin left market participants skeptical about the durability of its newfound strength.

Related: Bitcoin has ‘largely purged’ froth that preceded 50% drop from $126K: BlackRock

In ongoing X coverage, trader and analyst Rekt Capital argued that BTC/USD would need to sustain its gains to challenge the grip of the bear market.

“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.

A further post noted that four-year BTC price cycle patterns would allow for a new macro BTC price low until the end of 2026.

BTC/USD one-month chart. Source: Rekt Capital on X.com

Continuing, Ki Young Ju, CEO of onchain analytics platform CryptoQuant, flagged the return of positive demand for Bitcoin on both spot and derivatives markets — a phenomenon not seen since October 2025, when BTC/USD saw its most recent all-time high of $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 X followers.

Previously, Cointelegraph reported on the lack of spot demand as a key missing catalyst for a sustainable crypto market reversal.

Bitcoin demand growth data. Source: Ki Young Ju on X.com