Bitcoin Price Struggles Amid Weakening Institutional Demand and Rising US Yields

Bitcoin's price has struggled to break above the $85,000 resistance zone, and the cryptocurrency is currently trading at $83,358. Institutional demand is showing early signs of weakening, with spot Exchange Traded Funds (ETFs) recording an outflow of $148.69 million on Wednesday, snapping a nine-day inflow streak. The outflows are weighing on Bitcoin's price, and the Crypto King's upside momentum remains capped amid rising US Treasury yields and a stronger US Dollar.

The 5-year US Treasury yield has risen above 5%, and the 10-year yield is above 5.2%, with both at 19-year highs. These higher yields are making traditional fixed-income assets more attractive than risky assets such as Bitcoin. The stronger US Dollar is also weighing on Bitcoin, with the US Dollar Index (DXY) surging above $101.80 on Thursday.

Despite the challenges, Bitcoin maintains a constructive bias, holding well above key Exponential Moving Averages (EMAs). The 50-day EMA at $78,024 underpins the near-term trend, while the 100-day EMA at $74,490 and the 200-day EMA at $74,488 reinforce broader support. However, the Moving Average Convergence Divergence (MACD) histogram remains in negative territory and hints at a still-fragile upside after the recent pullback from the highs.