Crypto
Bitcoin Treads Water as US Bond Yields Approach Near-Record High
The US 10-year bond yield has reached a near-19-year high of 5.29%, causing concern for risk assets like Bitcoin and stocks.
Despite the market turmoil, Bitcoin held firm above $83K, defended by bulls as they maintained their grip on this key level.
In technical analysis terms, the 10-year yield's climb is nearing a double top pattern, which could indicate a reversal in the trend. This is also reflected in the Stochastic RSI indicators reaching their limit.
Bitcoin's price chart shows it funneling into a descending triangle, indicating a possible breakout or breakdown soon.