Bitcoin (BTC) is trading around $84,500 on Wednesday as buyers struggle to regain control following an unsuccessful attempt to establish a foothold above $85,000 earlier today. While Bitcoin remains firmly above several major moving averages, the short-term environment has become more challenging. Rising US Treasury yields are pressuring risk assets, while investors are also reducing exposure ahead of several potentially market-moving US economic reports. Despite these macroeconomic headwinds, Bitcoin's underlying market structure remains relatively constructive. A report from K33 Research suggests the cryptocurrency has successfully absorbed a significant derivatives deleveraging event without experiencing the type of sharp decline that often accompanies large-scale liquidations.