Bitcoin Slumps Below $68,000 Amid Macroeconomic Pressures

Bitcoin's price has taken a hit, falling below $68,000 after a decline of over 2% in the past 24 hours.

The drop is attributed to macroeconomic pressures, including rising US Treasury yields and increased uncertainty in the bond market. The 10-year U.S. Treasury yield is nearing 4.5%, its highest since July, making risk assets like crypto less attractive.

A liquidation heatmap shows significant liquidity below $66,000, signaling further downside for bitcoin is possible in the short term. Funding rates are also negative, with short traders paying long traders in perpetual futures contracts.