Bitcoin Hits Lowest Level Since May Amid Rising US Bond Yields and Dollar Strength

Bitcoin has reached its lowest level since May, trading at around $77,000 after experiencing a 3.5% decline in the past week.

The cryptocurrency market is feeling the pressure of rising US bond yields and a stronger dollar, which are driving investors to sell off their assets.

Leveraged long liquidation has also played a significant role, with $850 million worth of positions being closed out in just 24 hours. This has put additional downward pressure on Bitcoin's price.