Bitcoin
Bitcoin Tests $76,000 Support as US 10-Year Treasury Yields Rise Above 5%
Rising US government bond yields have placed pressure on cryptocurrency markets, pushing Bitcoin back toward key technical support levels near $76,000.
A surge in the US 10-year Treasury yield above 5% on Tuesday has exerted pressure across risk assets and the cryptocurrency market, pulling Bitcoin down toward its $76,000 support level. The yield advance broke through a multi-year descending trendline that originated in June 2007.
Technical chart analysis referenced in the report notes that the 10-year yield has formed a double top pattern with overbought readings on the Stochastic RSI, suggesting the potential for bond yields to ease unless a further breakout occurs. However, macroeconomic conditions and government policy continue to drive market direction.
On cryptocurrency charts, Bitcoin fell back from a recent high of $79,600, slipping beneath a descending trendline and the $77,000 level. Technical indicators show a potential head-and-shoulders pattern taking shape, with support at $76,000 serving as a threshold before potential declines toward $73,000 or the $69,000 to $70,000 zone aligned with the 200-day simple moving average.
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