Bitcoin Volatility Spikes Amid Rising Bond Yields

Bitcoin volatility spiked as it closed out its monthly trading on Wall Street. The cryptocurrency's price gyrated around $78,000 at Monday's open, up about 1% on the day.

The US Treasury Secretary Scott Bessent hinted in an interview with CNBC that he had not yet acted to shore up the long end of the yield curve. Despite this, bond yields continued to rise, nearing 20-year highs again.

The 30-year yield reached 5.269% on Monday, just six basis points short of its highest levels since January 2007. Trading resource The Kobeissi Letter noted that 'the bond market appears to be completely ignoring the US Treasury.'

Bitcoin's price analysis showed an emerging hidden bearish RSI divergence, contributing to month-end weakness. Trader and analyst Rekt Capital warned that if the daily RSI continues to make lower highs, it would indicate mounting weakness in Bitcoin.