Bitcoin fell to $67,652, losing more than 3.5% over the day and 16% over the month. The cryptocurrency dropped below its 200-week moving average, which stood at about $68,000, CoinDesk reports.
The dollar and bond yields rose
The U.S. Dollar Index DXY rose above 103. At the same time, government bond yields increased in the United States, the United Kingdom, France, Germany and Japan. At the time of one of the updates, the yield on 10-year U.S. Treasury bonds stood at 5.125%, while that on 30-year bonds was 5.459%.
In a later update, CoinDesk noted that the yield on 10-year U.S. securities had risen to 5.15%, adding nearly 30 basis points over the week. Analyst Jim Bianco wrote that it had risen by more than 25 basis points in a week only four other times recently.
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Sentiment in the futures market
The average funding rate for perpetual Bitcoin futures on crypto exchanges turned negative for the first time in a month when the asset's price fell to about $68,500, according to Glassnode data. With a negative rate, traders with short positions pay traders with long positions, reflecting bearish positioning in the market.
Gold traded below $3,900 per ounce, while technology stock futures also declined. At the same time, oil recovered part of its previous drop: WTI traded at $89 per barrel, while Brent stood above $96.
