Bitcoin Tumbles Below $64,000 as Yields Rise and Stablecoin Demand Dries Up

Bitcoin (BTC) dropped below $64,000 on Saturday, trading at around $63,919 according to Binance data. This decline marks a 2.3% drop over the past 24 hours.

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

Analyst Ted noted that Bitcoin has lost its support zone at $65,000 and is now targeting the next key zone between $62,500 and $63,000. This area may serve as a floor for the next leg up in Bitcoin.