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Bitcoin Faces Bearish Trend Amid Rising Treasury Yields and Macroeconomic Uncertainties
#BitcoinAnalysis
#Bitcoin $BTC
Bitcoin (BTC) is showing resilience but remains below its all-time high, trading around $65,000.
Here's a quick look at the key factors influencing its price:
Technical Analysis:
50-Day Simple Moving Average (SMA): Positioned at $64,870. Falling below this could signal further declines.10-Day
Momentum Indicator: Turned negative, indicating downward
pressure.
MACD Histogram: Also negative, signaling a bearish trend.
Macroeconomic Factors:
Rising U.S. Treasury Yields: The 10-year yield has risen to 4.55%, affecting Bitcoin and other risk assets.
Analysts warn that if it rises above 4.7%, stock markets could see increased volatility, impacting Bitcoin.
Two-Year Treasury Yield: Nearing 5%, making government bonds more attractive compared to cryptocurrencies.
Key Economic Data:
PCE Price Index: Traders are eyeing the upcoming PCE data, the Federal Reserve's preferred inflation measure.
Higher-than-expected figures could lead to higher bond yields and more pressure on Bitcoin.
Conclusion:
Bitcoin's price is influenced by technical indicators and macroeconomic factors, suggesting a bearish trend. Key support at $64,870 and the upcoming PCE data will be crucial for traders and investors.