Bitcoin whacked as US bonds fall

Earlier today Bitcoin was making a comeback of sorts. The lead cryptocurrency managed to reclaim the 42k handle, rising from an earlier session low at 41,008, to back above 42,700. However, it has now set in place a very clearly defined intraday double top at 42,718 and 42,723. The immediate post payroll move lower has seen it slide down to as low as 41,225 right after the US jobs report came across the wires. This sudden fall looks like an immediate reaction to higher US bond yields as we know how sensitive Bitcoin is to higher US rates. The price is now trying to rebound, but unless back above 42,725 it could be in for some further pressure this afternoon. Bitcoin is currently trading in a volatile and rapid fashion too, just now at 41,570