Bitcoin (BTC) News: U.S. 10-Year Yield Could Rise to 6%

Technical analysis by Omkar Godbole suggests the U.S. 10-year Treasury yield is exhibiting a bullish framework, despite bearish momentum indicators like the monthly MACD histogram, which has been signaling declines since December 2023. The yield has remained firm around 4%, tracing a contracting triangle pattern reminiscent of Bitcoin's setup in mid-2024 before its major rally. This divergence indicates underlying strength among bond bears. Supporting the bullish outlook, the 50-, 100-, and 200-month simple moving averages are stacked in a textbook bullish order, a configuration last seen before a multi-decade uptrend in the 1950s. Furthermore, the Ichimoku cloud confirms a constructive outlook, as the yield is holding above its bounds for the first time since the 1980s. These factors suggest a high probability of the yield breaking its 2023 high of 5.02% and potentially reaching 6.25% (the 38.2% Fibonacci retracement). A renewed rise in this benchmark yield, the risk-free rate, could negatively impact risk assets like cryptocurrencies.

(Source：CoinDesk)