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Higher US yields get the better of BTC
Following the release of the US ISM report, Bitcoin did initially try to ride out the wider market impact of that, but at the same time, it struggled to reclaim levels back above 70k. Well, that struggle has now given way to fresh downside and now Bitcoin has fallen back underneath 70k again. The lead coin is now falling back towards 68,500, but price point has capped the move lower so far. However, given the gains in US yields and the dollar it looks like it will have a fight on its hands for the rest of the session, unless those dynamics turnaround. The low seen so far is not far above the current 21 day moving average. That is in place right now at 68,377 and it has capped any downside moves since March 25. BTC is just now trading at 68,655
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