Bitcoin Price Forecast: $85K Holds as $352M Bitget Hack Raises Risk

Bitcoin traded near $84,000-$85,000 on Friday after a volatile week, with rising Treasury yields limiting gains across risk-sensitive markets. Bitcoin was recently quoted around $84,000 and remained about 3.4% higher for the week, keeping the market focused on whether the cryptocurrency can hold above the $85,000 area.

The broader crypto market has also remained supported by improving sentiment around the US regulatory environment. Bitcoin recently reached an eight-month high above $86,000, helped by stronger institutional demand and favorable regulatory developments, before pulling back toward the $84,000 area.

At the same time, rising US borrowing costs remain an important market variable. Higher Treasury yields can reduce demand for speculative assets by increasing the relative attractiveness of fixed-income investments and tightening financial conditions.

• Bitcoin: Around $84,000-$85,000
• Weekly gain: About 3.4%
• Recent high: Above $86,000
• Bitget funds affected: $351.6 million

Bitget Hit by $351.6M Breach

Crypto exchange Bitget confirmed that unauthorized transfers affected approximately $351.6 million from portions of its hot and warm wallet infrastructure on September 24. The exchange said its security systems detected the transfers at 18:31 UTC and that emergency response procedures were activated immediately.

Bitget temporarily suspended withdrawals while its security teams investigated the incident. Deposits and trading remained operational, while the exchange said its cold wallets were secure. Bitget also stated that the loss is covered by its User Protection Fund, which holds more than $464 million.

CEO Gracy Chen said preliminary investigation had identified similarities with methods associated with a North Korea-linked hacking group. However, the attribution remains under investigation and should not be treated as confirmed. Bitget has also notified law enforcement agencies and blockchain-security firms.

Rising Yields Pressure Crypto

The latest Bitcoin move comes as the US Treasury market remains under pressure. The 10-year Treasury yield moved to levels not seen since 2007 this week, adding to concerns about tighter liquidity and higher borrowing costs.

The Federal Reserve raised its benchmark rate by 25 basis points on September 16 to a target range of 3.75%-4.00%. Further expectations for restrictive monetary policy can weigh on Bitcoin because higher yields raise the opportunity cost of holding assets that do not provide a fixed income.

Despite those pressures, several major cryptocurrencies remained higher for the week. Ethereum, XRP, Solana, Cardano and BNB all posted gains in the source session, while Dogecoin also advanced.

Conclusion

Bitcoin remains rangebound near $85,000 as investors balance improving regulatory sentiment against higher Treasury yields and tighter US monetary conditions. The $351.6 million Bitget breach adds another source of uncertainty for the crypto sector, although the exchange says its protection fund fully covers the reported loss. With Bitcoin recently testing above $86,000, the ability to hold the $84,000-$85,000 region remains important for the near-term market structure.