Bitcoin Support Level at $70,000 Faces Pressure from Rising Yields

The cryptocurrency market is facing downward pressure due to rising U.S. Treasury yields and expectations of further Federal Reserve rate hikes. The 2-year Treasury yield hit a 26-month high, while the 10-year yield recently broke above 5%, signaling potential continued pressure on liquidity and risk assets like crypto.

Bitcoin's key support level at $70,000 is crucial; a break below this could trigger increased selling and liquidations. Despite these risks, some traders remain hopeful for a rally in October.