Bitcoin fell below $77,000 as rising US Treasury yields and geopolitical tensions pressured crypto markets.
Bitcoin News
Bitcoin (BTC) fell below $77,000 on May 19 as surging US Treasury yields pushed investors away from risk assets. The 30-year yield reached its highest level since July 2007, adding to a difficult week for equities and commodities alike.
Gold dropped below $4,500 on May 19, reaching its lowest price since late March. Silver also fell as markets recalibrated around inflation expectations and central bank rate forecasts. Ole S. Hansen of Saxo Bank wrote on X that oil prices, inflation expectations, bond yields, and rate expectations were driving the market reaction.
Bitcoin tracked those macro pressures and held near its lowest levels for the month. The BTC/USD pair preserved its prior-session floor without recovering it. Data from TradingView showed the price lingering near $76,900 around the Wall Street open.
Geopolitical risk added another layer of pressure. US President Donald Trump posted on Truth Social on May 19 that Gulf countries should be prepared for a "full, large scale assault" on Iran if a deal is not reached. Traders typically associate the threat of oil supply disruptions with higher inflation expectations, which weigh on risk assets.
Trader and analyst Michaël van de Poppe wrote on X that high bond yields and elevated oil prices form a double headwind for markets. "Neither of these are progressive for risk-on assets, which means that we clearly need to see those reverse in order to see strength pouring back into the ecosystem," he said. He added that BTC did not "look great" in the current environment.
Van de Poppe placed key support for Bitcoin between $75,000 and $76,000. He said the price appeared to be holding at that zone on May 19. A break below $75,000, he warned, would indicate that the accumulation phase needs more time.
BTC had fallen roughly 7% from its local high of $82,800 set on May 6. The 200-day moving average near $82,000 had capped the rally earlier in the month. The short-term holder cost basis of around $78,000 sat above spot prices, adding overhead pressure from recent buyers sitting at a loss.
Analysts said a reversal in bond yields or a de-escalation of geopolitical tensions would be needed before Crypto Market conditions could stabilize. Until those conditions change, risk assets, including BTC, remain sensitive to any macro or geopolitical headlines.
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