Analysis: US Treasury yields pressure risk assets, Bitcoin falls below $79,000
OdailyOdaily reported that Bitcoin quickly declined after the US stock market opened, briefly falling below the $79,000 mark, with an intraday decline of about 3%, trading near its lowest level since May. The market widely believes that this round of correction is closely related to the sell-off in risk assets triggered by a surge in US Treasury yields.
Data shows that the yield on the 10-year US Treasury note rose above 4.55%, a nearly one-year high, sparking concerns over liquidity tightening and a revaluation of risk assets. Analysts pointed out that this level previously triggered adjustments in US stocks and policy expectations last year, and is once again a key pressure signal.
Trading firm The Kobeissi Letter stated that the "crisis-like rally" in the Treasury market is intensifying, with expectations for prolonged high interest rates rising. The market has begun to price in the possibility of future rate hikes, rapidly cooling the previous "risk-on sentiment" for assets.
From a technical perspective, analysts believe that after Bitcoin faced multiple resistances above the $82,000 level, its support structure is weakening. In the short term, it may retest the $75,000–$77,000 range, and the market has entered a phase of range-bound trading and directional selection (Cointelegraph).
