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Bloomberg Intelligence senior commodity strategist Mike McGlone on Monday called Bitcoin’s(CRYPTO: BTC) rebound a selling opportunity as the 30-year Treasury yield hit its highest level since 2007.
McGlone posted on X that Bitcoin has rolled over into a bear market with knock-on effects for other risk assets. “Welcome to volatility season,” he wrote, adding that the current bounce “may be a gift to sell.”
Why Are High Treasury Yields a Headwind for Bitcoin?
High bond yields create direct competition for Bitcoin and gold by offering substantial returns through government-backed securities, while also raising borrowing costs, reducing liquidity, and increasing the discount rate applied to long-duration assets that generate no earnings or interest.
Why McGlone Sees Broader Market Risk
McGlone extended his warning beyond crypto, noting US market capitalization has reached roughly 2.5 times GDP and 2.1 times publicly held debt, levels he called multidecade extremes suggesting the stock market has become the economy.
He also flagged that the S&P 500’s(NYSE:SPY) 260-day volatility reading is roughly half gold’s equivalent — the lowest relative level since 2007
Meanwhile, gold’s 200-day moving average is turning lower, which McGlone calls another potential “falling domino” as rising yields pressure non-yielding assets broadly
Bitcoin Price Prediction: Technical Analysis
BTC tagged $79,700 for the third time since last week’s explosive 24% rally.
RSI at 58.63 shows a bearish divergence with price making higher highs while momentum fails to confirm, and the MACD histogram is shrinking after its second peak.
Key levels for BTC:
- $79,700 — Resistance
- $76,700 — First support
- $75,300 — Second support
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