Bitcoin saw several dips under the $64,000 mark as a Binance “plunge protection team” reemerged with bid liquidity to avoid a deeper BTC price rout.
Bitcoin (BTC) fell more than 1.6% on Friday as its latest price correction accelerated after Wall Street opened.
Data from TradingView showed BTC/USD approaching $64,000 as bulls struggled to preserve recent gains.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Geopolitical tensions and macroeconomic headwinds weighed on crypto markets as appetite for risk assets faded.
Trading firm Mosaic Asset Company said rising US Treasury yields were a key driver of the sell-off.
“Massive moves are underway across the yield curve despite a weaker than expected consumer inflation report,” it wrote, referring to the latest US Consumer Price Index (CPI) report.
Mosaic said the two-year yield was particularly prone to influence the outlook on Federal Reserve interest-rate changes, with risk assets suffering as a result of additional hikes.
“The 2-year yield that tends to lead fed funds is now at 4.31% and sits well above the Federal Reserve’s target range,” it continued.
US two-year Treasury yield one-week chart. Source: Cointelegraph/TradingView
The latest data from CME Group’s FedWatch Tool showed that markets still expected the Fed to leave rates unchanged next week, while pricing in a 0.25% hike in September as one of two increases expected before the end of 2026.
Mosaic added that those expectations were “placing downward pressure on stock indexes.”
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