Bitcoin Struggles to Surpass Key Resistance Amid Rising Bond Yields
- Bitcoin (BTC) fluctuated around $86,000 after the US trading session opened.
- The price rejected near $86,570, the highest weekly close since January.
- US bond yields rose, with the 30-year yield reaching approximately 5.67% and the ten-year yield at about 5.31%.
- Onchain data from Glassnode indicated a decline in aggressive upward momentum for Bitcoin.
- The yearly open for Bitcoin is at $87,570, acting as a key psychological resistance level.
As US bond yields continue to rise amid geopolitical uncertainty, Bitcoin’s price action remains subdued, reflecting less aggressive buying behavior in recent days. Analysts noted that elevated oil prices and long-dated yields are contributing to limited upside momentum for risk assets.
With Bitcoin struggling to break above $86,570 and facing key resistance at $87,570, market sentiment appears cautious as profit-taking persists among investors. (Source)
