Bitcoin Slides Below $64K as Bond Yields Raise Rate-Hike Odds
What happened: Bitcoin fell below $64,000, trading as low as $64,056 amid rising US bond yields.
What happened: Bitcoin fell below $64,000, trading as low as $64,056 amid rising US bond yields. The 2-year Treasury yield reached 4.31%, and the 10-year hit 4.569%, with markets pricing in an 80% probability of a Federal Reserve rate hike in September. Traders pointed to layered bid liquidity on Binance as psychological support, though no official intervention was confirmed.
Why it matters: Higher yields and the prospect of tighter monetary policy are pressuring risk assets, including crypto. Bitcoin's technical resistance at the 50-month EMA ($65,950) and the lack of strong buying interest raise questions about short-term momentum. The "plunge protection" narrative reflects market anxiety rather than coordinated defense.
Source: Cointelegraph