Bitcoin slips under $67,000 with U.S. 10-year Treasury yield nearing 4.5% peak

Bitcoin slid more than 3% over the past 24 hours, breaking below $67,000 for the first time since March 9 and triggering a fresh wave of liquidations across the derivatives market. Data from Coinglass shows over $50 million in long positions were wiped out within an hour, with bitcoin accounting for roughly 70% of those losses.

The downturn spilled into equities tied to the crypto sector, with pre-market declines seen in shares of Circle Internet (CRCL), Coinbase (COIN) and Strategy (MSTR), the largest publicly traded holder of bitcoin.

The move highlights the risks of crowded bullish positioning. When prices fall sharply, leveraged long trades can be forcibly closed as traders run out of margin, accelerating downside momentum.

Market structure suggests the sell-off may not be over. A 48-hour liquidation heatmap indicates a large concentration of liquidity just below $66,000—a level that could act as a near-term magnet if bearish pressure continues.

Futures market signals reinforce the cautious tone. Funding rates have turned negative, reflecting a shift toward short positioning as traders increasingly bet on further declines.

At the same time, macro conditions are becoming less supportive. The U.S. 10-year Treasury yield is nearing 4.5%, its highest level since last summer, reducing the relative appeal of risk assets like cryptocurrencies.

Bond market volatility is also picking up, with the MOVE index surging 18% in the past 24 hours, underscoring growing uncertainty around rates and inflation.

Rising energy prices are adding another layer of pressure. Brent and WTI crude have both gained around 3%, driven in part by Ukraine’s disruption of Russian oil flows, which has complicated efforts by U.S. President Donald Trump to stabilize supply.

Meanwhile, the U.S. dollar continues to strengthen, with the DXY index approaching the 100 mark, creating additional headwinds for bitcoin and the broader digital asset market.

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