btc-usd Markets delivered a mixed performance as U.S. bond yie
Quick overview
- U.S. bond yields approached 2007 highs, with 30-year Treasury yields briefly reaching 5.16% before settling at 5.05%.
- The U.S. dollar gained slightly, supported by steady jobless claims and resilient economic indicators.
- Bitcoin surged over 6% to set a new all-time high above $110,000, driven by increasing confidence in cryptocurrencies as a hedge against rising U.S. debt.
- Ethereum also saw significant gains, rising over 20% following the launch of its ‘Pectra’ upgrade, which improved wallet integration and staking features.
Live BTC/USD Chart
BTC/USD
Markets delivered a mixed performance as U.S. bond yields flirted with 2007 highs, the dollar ticked higher, and Bitcoin stole the spotlight with a fresh record above $110,000.
Bond Market Takes the Spotlight as Yields Touch 2007 Highs
While the U.S. dollar saw modest gains across the board, the real action was in the bond market. U.S. 30-year Treasury yields briefly touched 5.16%, coming close to the highs last seen in 2023 and marking the highest level since before the financial crisis in 2007. However, that level acted as a ceiling, prompting buyers to step in and drive yields down to 5.05% by the end of the session.
This rate move followed the House’s approval of a spending plan likely to widen the federal deficit—fuel for investor concern over longer-term debt dynamics.
Adding to dollar strength were solid U.S. economic indicators, with jobless claims remaining steady and S&P Global PMIs reflecting economic resilience—particularly in input price measures.
On the geopolitical front, G7 discussions produced little drama, with leaders presenting a unified stance toward China rather than escalating tensions with the U.S.
Today’s Economic Highlights: May 20–24, 2025
Today we have the UK retail sales for April. Meanwhile, the first round of economic data post-tariffs suggested ongoing strength in trade activity in the UK. Investec projected a 0.3% month-over-month increase in sales volumes for April, buoyed by seasonal factors like good weather and wage increases.
Consumer sentiment also ticked up. Barclaycard reported the strongest card spending growth since June 2023, thanks to the Easter holiday and improved weather conditions.
UK Retail Sales (Fri):
The first hard data read on the sector under Trump’s tariffs, an April series which follows a strong Q1. For April, Investec expects further growth in sales volumes but at a more moderate pace than seen last time, forecasting 0.3% (prev. 0.4%) M/M; attributing much of this expected upside to good weather and the increase in the National Living Wage. In terms of other leads, the Barclaycard consumer spending report for the period saw the largest uplift in card spending since June 2023, driven by favourable weather and the Easter period.
Last week, markets were slower than what we’ve seen in recent months, with gold retreating as a result, the EUR/USD falling below 1.11, and stock markets continuing upward. The moves weren’t too big, but we opened 37 trading signals in total, finishing the week with 25 winning signals and 12 losing ones.
Gold Sees Wild Swings, But Finds Support
Gold had a volatile session, plunging below $3,120 in European trade before rebounding sharply to $3,200. The metal found support near its 50-day moving average, though upside momentum remained capped below the $3,500 mark from April. Risk appetite and technical retracements kept the metal in check, with investors showing caution despite the dip-buying opportunity.
USD/JPY Breaks From Tradition, reverses Higher Despite Lower Yields
In a notable shift from previous years, the dollar rose sharply against the yen even as U.S. yields began to retreat. USD/JPY jumped from 143.40 to 144.31 during U.S. trade, defying the typical yield-dollar correlation and underscoring the shifting landscape in FX markets.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin Leads the Charge, Sets New All-Time High Above $110K
Cryptocurrencies were the standout performers of the day. Bitcoin surged over 6% to break past the $110,000 mark, extending its winning streak to five consecutive days and setting a new all-time high. The rally is underpinned by growing belief in crypto as a hedge amid rising U.S. debt and geopolitical uncertainty as BTC almost touched $12K.
BTC/USD – Weekly chart
Ethereum Tests MAs after Rebound Following Pectra Upgrade
Ethereum also rallied strongly, gaining over 20% from its April low of $1,475 to nearly $2,200. The launch of Ethereum’s “Pectra” upgrade, which enhanced wallet integration and staking features, further boosted confidence in the digital asset space. The update marks a significant step forward for Ethereum’s ecosystem, drawing renewed attention from both retail and institutional investors.
ETH/USD – Weekly Chart
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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