Bitcoin reverses gains as US yields rise

Yesterday afternoon Bitcoin managed to rebound. Earlier it had fallen back to as low as 41,297 as the US markets reopened. It then spiked higher in late US trading, lifting back above 42,500 at the start of the Asian session today. The high seen was set at 42,677. However, that rather spiked move higher has been reversed and now it has fallen back to a session low, seen not long ago, at 41,602. Clearly BTC has once again reacted negatively to the further rise in US treasury yields and this dynamic simply cannot be ignored, no matter what anyone likes to think. That is not to stop BTC rebounding again, but it is and will remain sensitive to the cost of carry, in just the same way as gold does too. Bitcoin is currently trading at 41,820 and there will be more to add as the day unfolds