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Bitcoin Stays Stuck as US Stocks Hit New Highs
Bitcoin remained in the $85,000 zone while the S&P 500 and Nasdaq hit record highs on Tuesday. Stocks rallied on AI gains and falling yields.
06/10/2026 22:278 min read
On September 6, US equity benchmarks notched fresh all-time highs, with the S&P 500 and Nasdaq 100 both reaching records. Bitcoin, however, fell back to around $85,000. The leading digital asset has been stuck in that range for the past two weeks.
Typically, risk-on assets such as stocks and bitcoin move together. On this occasion, they diverged.
Why are Stocks Hitting Records With Yields Above 5%?
The advance was led by AI-related stocks. AMD rose 2.8% after CEO Lisa Su indicated robust demand for chips, and Amazon gained 1.9%.
A pullback in bonds also aided equities. The 10-year Treasury yield, a benchmark for borrowing costs across the economy, slid to roughly 5.26% after hitting 5.33% the day before.
Lower oil prices contributed. Brent crude dipped below $100 a barrel as some vessels crossed the Strait of Hormuz, dampening inflation concerns.
"Sudden dump in US bond yields across the curve. Yields are dropping fast across the whole curve, right after the 10-year hit its highest level since 2002. Oil is also falling, and the market is now pricing in lower inflation. If this holds, the pressure on the Fed and stocks eases a lot," analyst Bull Theory noted.
Why is Bitcoin Missing the Rally?
Unlike stocks, bitcoin lacks earnings, so it missed the AI-driven rally. The cryptocurrency remains rangebound between $84,000 and $87,000. It is now trading roughly 32% below its all-time peak of about $126,200 set in October 2025.
On Tuesday, asset manager 21Shares stated that a monthly close above $88,000 would signal a trend reversal. It cautioned that a fall to $81,000 might pave the way toward $71,300.
Last week, bitcoin rallied after a disappointing jobs report reduced expectations for rate increases. Analyst Benjamin Cowen has suggested that Treasury yields may decline after the midterm elections, a move that he believes could support bitcoin.
The Federal Reserve is scheduled to meet on October 27-28, having raised interest rates in September for the first time in three years. Unless yields fall further, bitcoin may continue to lag behind the records set by Wall Street.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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