Bitcoin Price Plunges Amid Global Bond Rout
The price of Bitcoin has dropped by 2.22% in the last seven days, mirroring the global bond market's downward trend. Japan's 10-year government bond yield has reached a 30-year high at 3%, and the US 10-year Treasury yield has surpassed 4.78%. This surge in yields is causing investors to abandon riskier assets like Bitcoin for lower-risk investments.
The Bank of Japan (BoJ) has hinted that it will increase interest rates in response to the yen's decline, which could further pressure the price of Bitcoin. US Treasury Secretary Scott Bessent stated that he believes the Japanese government and BoJ will take measures to strengthen the yen, suggesting rate hikes are imminent.
Analyst Ali Charts predicts that if this trend continues, Bitcoin may drop to $70,000 in the coming months, citing a similar pattern seen in 2023 where the price of Bitcoin tested resistance three times before breaking out and entering an uptrend.