Checking possible catalysts for today’s action, one need look no further than the recent price movement: bitcoin had risen in near-continuous fashion since dipping to just under $60,000 eleven days ago – a modest reversal was surely in the cards at some point. There’s also been a sharp rise in interest rates across Western economies on Monday, among them 10 basis point gains in both the U.S. 10-year Treasury yield and the German 10-year Bund yield. Other things being equal, higher rates can often pressure prices of risk assets, bitcoin among them.
Source: https://www.coindesk.com/markets/2024/10/21/bitcoin-pulls-back-below-67k-is-another-crypto-rally-failing/?utm_medium=referral&utm_source=rss&utm_campaign=headlines