Bitcoin Price Tumbles Below $80k Amid Bond Market Woes

The price of Bitcoin has fallen below $80,000 despite strong institutional buying over the last month. This decline comes after BTC pushed above $82,281 late last week but has since retreated by about 5%. The current pullback signals that the bullish momentum observed in the second half of August may be over.

The recent price movement can be attributed to a combination of factors. Bond market woes and a worsening macroeconomic picture are weighing heavily on sentiment. Additionally, the Treasury's bond buybacks as an intervention have likely had an impact on the market.

Robust institutional inflows into Bitcoin ETFs have previously supported the price rally in August. However, these flows have also led to a positive cost basis for the ETFs, which could create additional sell pressure if the price falls below $72,000 and $73,000.