Bitcoin traded in the mid-$80,000s early in the week and was around $84,000 by September 24. A move of a few percent is hardly a dramatic bitcoin week. Still, it comes against a different backdrop from the era of near-zero rates: short-term government debt pays interest, while bitcoin does not. Its supporters will say that is precisely why they prefer an asset outside the banking system. The price chart cannot settle that argument, but it shows the choice investors are making.
What it means: Does a higher Treasury yield directly determine bitcoin's price? No. It changes the return available from a lower-risk alternative, but bitcoin also responds to sentiment, liquidity and crypto-specific news.