Bitcoin Tumbles Back Below $65,000 Amid Macro Concerns

Bitcoin's price has taken a hit after briefly reaching $65,500 on Monday. The cryptocurrency is now trading at around $63,270, down about 3% over the past day.

The decline comes as investors return their focus to macroeconomic developments ahead of the Federal Reserve's latest policy decision. Treasury yields remain elevated, and expectations for interest rates to stay high continue to weigh on risk assets.

Higher yields make government bonds more appealing compared to non-yielding assets like Bitcoin, while a stronger US dollar can pressure dollar-denominated assets by increasing their cost for overseas investors.