Bitcoin Price Plunges After U.S. Debt Buyback Falls Flat

The Bitcoin price has dropped to $77.800 after a $6Bn U.S. Treasury long-term debt buyback failed to deliver the expected fireworks, instead leaving traders shrugging it off.

Liquidations across crypto totaled $223M, with $120M of that coming from long positions caught wrong-footed, while a Kobeissi Letter post on X noted that Treasury yields rallied anyway, suggesting that 'the bond market is fighting the U.S. Treasury.'

The key level to watch is $76,500, as a decisive break below that could open the door to a much sharper move lower.