Bitcoin Price Rises Despite Soaring Treasury Yields, Analyst Reports
Bitcoin's price has shown resilience, maintaining momentum with minor fluctuations despite geopolitical tensions, specifically the conflict between Israel and Iran. An analyst noted an unusual decoupling of Bitcoin from traditional macroeconomic indicators.
Key Indicators Impacting Bitcoin
- The US Dollar Index (DXY) measures the dollar's value against major currencies.
- US Treasury Yields reflect returns on government bonds.
- Typically, rising DXY and yields drive capital away from risk assets like Bitcoin.
- Historical trends show bear markets in crypto align with increases in both yields and DXY.
Current Market Dynamics
- The current Bitcoin cycle exhibits a decoupling from bond yields, suggesting a shift in its role as a perceived store of value.
- Despite high yields, Bitcoin's price continues to rise when the DXY declines.
As of now, Bitcoin trades just below $106,000, reflecting nearly a 2% increase in the last 24 hours.
