On Tuesday, bitcoin failed to return above $77,000. The market continues to be pressured by rising US bond yields and expensive oil.
BTC is now holding not far from the lowest levels of the past month. The pressure is felt not only in crypto. Due to the situation in the debt market, US stocks and other risk assets also look weaker.
Some analysts believe that the current zone is becoming very important for bitcoin. If BTC does not stay above these levels, the market may enter a more prolonged period of weakness.
US Bond Yields Are Rising Again
According to TradingView, near the opening of the US session, the BTC/USD pair continued to trade below $77,000, although support from the previous day remained for now.
BTC/USD one-hour chart. Source: Cointelegraph / TradingView
The main factor for the markets remains the situation with US bonds. The yield on 30-year Treasuries has risen to its highest levels since 2007.
Against this backdrop, not only stocks but also gold and silver, which are usually considered safe-haven assets, have started to look weaker.
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XAU/USD fell below $4,500 and dropped to its lowest levels since the end of March.
XAU/USD daily chart. Source: Cointelegraph / TradingView
One analyst noted that the market is now primarily reacting to rising oil, inflation expectations, bond yields, and talk around interest rates.
US bond yield curve data. Source: Ole S. Hansen / X
The market is also nervous due to new statements from Trump about Iran. On Truth Social he wrote that the Gulf countries must be ready for a forceful scenario if negotiations finally reach a dead end.
The $75,000–$76,000 Zone Becomes Key for Bitcoin
Against this backdrop, sentiment in crypto has also noticeably worsened. Michaël van de Poppe believes that bitcoin is currently being hit simultaneously by expensive oil and high US bond yields.
For risk assets, this situation usually becomes a bad signal, so some traders are now behaving more cautiously. For the market to start feeling confident again, the pressure from bonds and oil must ease.
Bitcoin itself also looks heavy now. BTC has already approached the $75,000–$76,000 zone several times, and the market is still trying to hold this range.
If the price does fall below, the recovery may be delayed, and the market itself may enter a period of weak and slow movement without a proper upward impulse for some time.
BTC/USDT daily chart. Source: Michaël van de Poppe / X
