Bitcoin Price Prediction: Can BTC Retake 20k as Bond Yields Tick Higher?

cryptonews.com:

The world's largest cryptocurrency, Bitcoin, has been trading in a bearish market as the broad-based US dollar maintains strong positive traction. Bitcoin has dropped nearly 6% in the last 24 hours and more than 8% in the previous seven days and appears to be losing value among investors for different reasons. 

A bearish trend in the price of Bitcoin could be attributed to the performance of the American stock market, which has been affected by concerns that the Federal Reserve will continue to raise interest rates. This drives a "risk-off" sentiment as investors withdraw funds from riskier assets such as stocks and Bitcoin. The NASDAQ 100 and S&P 500 both fell due to the strengthening of the dollar, putting bearish pressure on Bitcoin.

Furthermore, Russia's shutdown of the Nord Stream 1 pipeline aided the Bitcoin price decline, which halted gas flow to Europe and spooked the markets. Rising bond yields were also key in keeping BTC prices under pressure. If such patterns continue, the price growth of the Bitcoin (BTC) coin could be significantly bearish in the coming year. 

With stronger-than-expected US manufacturing statistics adding to concerns that central banks would need to hike interest rates rapidly to rein in inflation, the bond market sell-off shows no signs of abating.

In a move not seen since mid-June, US 10-year bond yields rose 6.1 basis points to 3.25 percent. As a result, investors prefer to invest in risk-free assets, putting downward pressure on Bitcoin prices.

The broad-based US dollar has turned green and reached a new 20-year high. However, the reason could be attributed to the Fed's strong expectation of adopting an aggressive stance, which aided the value of the US 10-year Treasury Bills.

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