Due to rising bond yields and financial changes, Bitcoin (BTC) has been in a consistent slump over the last three weeks, reaching a low of $25,168. The cryptocurrency fell to $26,000, a two-month low, after losing 0.74% in the previous day and 11% so far this week. Significant drops have also been observed in other prominent digital currencies like Ether and XRP. Both positive and pessimistic sentiments are present in the market for BTC.
Bullish and Bearish Ranges for Bitcoin
The assist and resistance range for BTC are closely watched by analysts. According to @ali_charts on X, breaking a $25,400 assist might cause a dip to $20,590. Materials Indicators’ Keith Alan predicts a drop to $25,000 in price. Both parties concur that under $25K, BTC may drop even further, probably to $20,000.
According to Josh Olszewicz, who maintains his optimism, BTC‘s two-year moving average may reach $168,000, offering promise despite the drop.
Rising Bond Yields’ Impact: Weakening Bitcoin’s Dominance
Due to increased danger aversion, rising global bond yields have historically discouraged investment in cryptocurrencies. This change might put pressure on liquidity and have an impact on riskier assets, including cryptocurrencies, in combination with shifting global financial conditions.
As an alternative, regulatory ambiguity exists while we wait for the outcome of the legal battle between Grayscale Investments and the SEC. Unquestionably, the conversion of GBTC to a Bitcoin ETF will benefit BTC.
