Bitcoin Slips Below $85,000 as Treasury Yields Surge

Bitcoin's recent rally came to an abrupt end on Wednesday as it slid back below $85,000. The cryptocurrency had briefly touched the $87,000 mark earlier in the day but reversed sharply, falling 2% to $84,448.

This dip comes after a strong run-up in prices, with Bitcoin reaching its highest level since January at $87,315 on Monday. The surge was led by inflows into US spot Bitcoin exchange-traded funds (ETFs), which have seen net inflows of over $2.3 billion over four consecutive days.

The decline in Bitcoin's price can be attributed to the jump in Treasury yields, which rose above 5% for the first time since July 2007. This increase has strengthened the US dollar and dampened investors' risk appetite.