Macro headwinds test Bitcoin price as $70K crumbles amid US market volatility
Bitcoin bulls’ attempt to break above $70,000 stalled after a key US macroeconomic “fear” metric broke a critical threshold. Is a revisit to BTC’s yearly lows back in play?
Bitcoin (BTC) price continues to compress under $70,000 on Tuesday, and data suggests that the risk of new year-to-date lows remains if bulls fail to turn the level into support.
The whipsaw nature of Bitcoin’s price surged as US market volatility climbed back above a critical level, and Treasury yields saw their sharpest weekly drop in months.
Analysts suggest this macro backdrop may hint at an extended slowdown phase for BTC price, while onchain data shows traders still waiting for a stronger bullish catalyst.