Bitcoin Struggles to Break Above $80,000 Amid Treasury Yield Surge and Iran Tensions

Cryptocurrency prices declined on Wednesday in reaction to rising Treasury yields and escalating tensions between the U.S. and Iran.

Bitcoin struggled to break above $80,000, with its trading volume plummeting 13% over the last 24 hours.

Ethereum's price wavered within a narrow range of $2,440-$2,522, while XRP and Dogecoin posted significant losses.

According to Coinglass data, nearly $390 million was liquidated from the cryptocurrency market in the last 24 hours, primarily due to bullish long positions being closed.

Martinelli van de Poppe, a prominent cryptocurrency analyst, viewed Bitcoin's recent movement as a weak bounce and expressed skepticism about any near-term upside.