Bitcoin Price Volatility Amid Rising Treasury Yields and Fed Rate Cut Expectations

Bitcoin's price has been experiencing some volatility as institutional investors continue to sell off their holdings in the crypto market. According to data from Glassnode, the 7D-SMA of US spot Bitcoin ETF netflows dropped to -$88M/day, the largest outflow since mid-February.

The selling pressure is attributed to rising Treasury yields, which have reached a 10-month high of 4.52%. Additionally, the April CPI came in at 3.8% year-over-year, pushing back expectations of a Fed rate cut.

Analysts predict that if Bitcoin breaks below $77,000, it could trigger a deleveraging phase. The options market points to a clear resistance zone between $82,000 and $84,000, with downside support at $77,000.