Bitcoin (BTC) fell below $67,000 in early U.S. trading after a failed attempt to challenge $70,000 during Monday morning Asian trading hours. 🌃
Bitcoin is down 2.3% in the past 24 hours. Ethereum’s ether (ETH) is also down nearly 1%, while litecoin (LTC), polkadot (DOT) and Internet Computer Protocol (ICP) tokens are leading the declines with 4%-5% losses. A notable bright spot was Solana (SOL), which rose 2.4% to $163, though it is still down from its weekend high of $170. Bitcoin mining stocks have also struggled, but one exception is TeraWulf (WULF), which has recently pivoted to high-performance computing to power artificial intelligence (AI) data centers. The stock jumped 12% on Monday. To examine the factors that could influence today’s action, look no further than recent price action: bitcoin has been on a steady rise since dropping below $60,000 eleven days ago – a reversal at some point is certain. There was also a sharp rise in interest rates across Western economies on Monday, including a 10 basis point increase in both the US 10-year Treasury yield and the German 10-year Bund yield. All things being equal, higher interest rates can often put pressure on the prices of riskier assets, including bitcoin. Looking further out, bitcoin remains – for now – in the flat-to-bearish price channel it has been in since hitting a record high of $73,700 more than seven months ago. Prior to today, its last challenge of $70,000 was in late July. #BTC $BTC