Bitcoin back under pressure as US yields rise

The usual rollercoaster price action is in full swing today for Bitcoin. The seesaw price action has continued with a more general sideways mode today, mostly in between 48, 500 and 50,500. However, the price has just recently fallen more abruptly to fresh session lows as it drops back again below 48,500. It was noted here earlier; that a drop below the previous session low at around 48,500 could open a path back towards 47,000 and perhaps even lower and right now that appears to be playing out. The simple truth is that Bitcoin is the ultimate zero interest rate hedge, although most of the time that does not get the coverage it probably deserves. Hence it is no surprise here to see the price fall back this evening as those US treasury yields rise further. Bitcoin is currently trading at 48,450