Bitcoin price surged by 5% in less than an hour following a 90-day tariff pause announcement by US President Donald Trump.
Bitcoin futures premium rose briefly but failed to sustain momentum, indicating cautiousness among traders.
Traders are concerned about the decline in the 10-year US Treasury yield, reflecting reduced confidence in the government's ability to manage its debt.
Bitcoin options markets showed a lack of conviction from bulls, but a neutral sentiment was restored after the tariff pause announcement.