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Bitcoin takes out support at 68,360 as US yields rise

Bitcoin has reacted as one might expect to the higher than forecast US CPI report. The lead cryptocurrency has now taken out the noted 21 day moving average, at 68,360. It has fallen to a low seen so far at 67,550 and given the spike higher in US yields right now, that is a perfectly logical reaction to an instrument that incurs a cost of carry. So, it is right to assume BTC is sensitive to any sizeable shift in US rates and that is exactly what we have right now this afternoon.  However, it does depend on whether those BTC bulls will ignore this dynamic and try to buy the dip  again. Immediate doubts about that prospect remain in place here though, at least as far as today is concerned. BTC is currently trading at 67,755

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