[DigitalToday reporter Yoonseo Lee] With U.S. long-term Treasury yields surging, Bitcoin is repeatedly swinging sharply around the $78,000 level. It is increasing volatility ahead of the monthly close.

On Aug. 31 local time, Cointelegraph reported that Bitcoin moved in a narrow range near $78,000 around the time U.S. stocks opened, while showing a sharp intraday rebound.

Bitcoin showed weakness early in U.S. trading and then rebounded. U.S. Treasury Secretary Scott Bessent (스콧 베센트) was cited as a factor behind heightened short-term volatility after he suggested the possibility of intervening in the long-term Treasury market in a CNBC interview. Bessent said steps to support the 10-year and 30-year, the long end of the yield curve, had not yet been implemented and said, "We haven't bought anything yet." He also said it was fine that yields rebounded after related remarks.

The U.S. Treasury has announced it will roughly double its debt buyback size to $4 billion from September. Yields fell at the time, but the 10-year yield rose to as high as 4.76 percent on the day, returning to the highest level since January 2025. The 30-year yield stood at 5.269 percent, nearing its high since January 2007 by a margin of 6 basis points.

Some in the market also responded that the Treasury's market-stabilisation steps are failing to curb the rise in long-term yields. Analysis firm The Kobeissi Letter assessed in a post on X, formerly Twitter, that "the bond market appears to be completely ignoring the US Treasury."

Against this backdrop, Bitcoin appears to be searching for direction alongside broader risk-asset unease. U.S. stocks were weak as tensions over new U.S. air strikes involving Iran were reflected in the market. The S&P 500 and the Nasdaq Composite were trading down about 0.4 percent each.

Discussion of Bitcoin as a safe haven also resurfaced. Billionaire Ray Dalio expressed scepticism over whether the U.S. Treasury could control bonds even if it introduces a new programme. He cited gold and Bitcoin as alternatives while projecting a future U.S. debt crisis.

Still, warning signs are also emerging in near-term price action. Ahead of the August monthly close, Bitcoin is keeping $77,269, its 50-week exponential moving average, as support. That zone has been cited as a key defensive line for bulls in recent weeks. August gains are nearing 25 percent, leaving open the possibility of the strongest August performance since 2017.

On the daily chart, some pointed to a hidden bearish divergence between the relative strength index (RSI) and price action. Trader Rekt Capital said the weekly RSI signal is bullish but upward momentum in the daily RSI is weakening. He warned on X that bearishness would grow if the daily RSI continues to form lower highs. The daily RSI stood at 70.7, staying in overbought territory.

The market is therefore watching whether the month-end closing price holds above the 50-week exponential moving average, and whether rising U.S. long-term yields add further pressure to Bitcoin's short-term trend.

There it is. 12 days since US Treasury intervention in the bond market was announced and yields are up to a new 19-month high. The 10Y Note Yield is now just 2 basis points away from its highest level since 2007. The bond market appears to be completely ignoring the US… pic.twitter.com/PS2XG655Rr