Bitcoin Price Drops Amid Rising Treasury Yields and Strong Dollar

The Bitcoin price has faced increased pressure as long-dated government borrowing costs have risen across major markets. On Thursday, U.S. Treasury and German Bund yields reached multi-year highs in mid-morning European trade.

According to Tradeweb data, the 10-year U.S. Treasury yield rose to 5.148%, its highest level since 2007. The 30-year U.S. Treasury yield climbed to 5.444%, marking a high not seen since 2004.

The dollar index also reached an eight-week high against a basket of currencies, further contributing to the pressure on Bitcoin's price. Despite this, the global cryptocurrency market gained 8.40% over the same period.