Bitcoin Slumps Below $64,000 as Yields Surge and Stablecoin Demand Fades

Bitcoin (BTC) experienced another decline on Saturday, dropping below $64,000 to around $63,919. This represents a fall of about 2.3% over the past 24 hours.

The sell-off accelerated after Wall Street opened on Friday, with BTC/USD ranging between roughly $63,703 and $65,396 during the session. Mosaic Asset Company attributed this to rising US Treasury yields, which climbed to 4.31%, above the Federal Reserve's current target range.

Rising yields have placed downward pressure on stock indexes and risk assets like crypto, according to Mosaic. The CME Group's FedWatch Tool shows markets expect the Fed to hold rates steady next week but price in a 0.25% hike for September as one of two expected increases before year-end.

Analyst Ted noted that BTC has lost its $65,000 support zone and highlighted the next key zone as $62,500-$63,000, which should hold for the next leg up in Bitcoin.