Rising Treasury Yields Push Bitcoin Below $64K

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Bitcoin saw several dips under the $64,000 mark as a Binance “plunge protection team” reemerged with bid liquidity to avoid a deeper BTC price rout.

Bitcoin (BTC) fell more than 1.6% on Friday as its latest price correction accelerated after Wall Street opened.

Bitcoin price downside pressure mounts on the back of multiple macro headwinds.

US bond yields further a hawkish pivot in Fed interest-rate expectations.

BTC price analysis sees a Binance “plunge protection team” attempting to shore up the market.

Analysis warns US bond yields now “well above” target

Geopolitical tensions and macroeconomic headwinds weighed on crypto markets as appetite for risk assets faded.

Trading firm Mosaic Asset Company said rising US Treasury yields were a key driver of the sell-off.

“Massive moves are underway across the yield curve despite a weaker than expected consumer inflation report,” it wrote, referring to the latest US Consumer Price Index (CPI) report.

Mosaic said the two-year yield was particularly prone to influence the outlook on Federal Reserve interest-rate changes, with risk assets suffering as a result of additional hikes.

“The 2-year yield that tends to lead fed funds is now at 4.31% and sits well above the Federal Reserve’s target range,” it continued.

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