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The price of Bitcoin (BTC) 
$105,469 is facing resistance at the $69,000 level while macroeconomic developments in the United States catch the market’s attention. The rise in U.S. Treasury yields to their highest levels in three months has reignited inflation concerns. Additionally, the upcoming U.S. elections and Donald Trump’s presidential candidacy are influencing sentiment in the cryptocurrency market.
U.S. Treasury Yields on the Rise
Since the Federal Open Market Committee (FOMC) meeting, Bitcoin has experienced an 18% increase. Messages from Fed Chairman Jerome Powell regarding interest rate cuts have brought optimism to the market. However, according to CNBC data, the U.S. 10-year Treasury yield rose to 4.2% on Tuesday, bringing inflation fears back into focus.
Impact of U.S. Elections on Cryptocurrency
As the U.S. elections draw closer, investor attention is shifting in that direction. According to 10x Research, Trump’s increasing chances of winning the presidency might lead to changes in the Fed’s policies. Specifically, a growth-focused policy could halt interest rate cuts.
Popular crypto analyst Skew views the recent BTC decline as a predicted movement. He argues that to maintain strength, Bitcoin must surpass the $69,000 level to establish a new peak. Otherwise, there is a risk of a price drop to $65,000.
The rise in commodity markets like gold and silver also garners attention. Analysts suggest that the increase in gold prices could lead to a similar rise in Bitcoin. Some forecasts indicate that BTC could soar to $230,000. Currently, Bitcoin trades at around $67,033, with a market capitalization of approximately $1.325 trillion.
The increase in U.S. Treasury yields and the approaching elections could create volatility in Bitcoin’s short-term performance. Investors should consider the effects of these two critical developments when positioning themselves. BTC is currently facing resistance at the $69,000 level, with continued selling pressure.
