Bitcoin falls under $64K as surging US bond yields boost Fed rate-hike odds

Bitcoin (BTC) fell more than 1.6% on Friday as its latest price correction accelerated after Wall Street opened.Key points:Bitcoin price downside pressure mounts on the back of multiple macro headwinds.US bond yields further a hawkish pivot in Fed interest-rate expectations.BTC price analysis sees a Binance “plunge protection team” attempting to shore up the market.Analysis warns US bond yields now “well above” targetData from TradingView showed BTC/USD approaching $64,000 as bulls struggled to preserve recent gains.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewGeopolitical tensions and macroeconomic headwinds weighed on crypto markets as appetite for risk assets faded.Trading firm Mosaic Asset Company said rising US Treasury yields were a key driver of the sell-off.“Massive moves are underway across the yield curve despite a weaker than expected consumer inflation report,” it wrote, referring to the latest US Consumer Price Index (CPI) report.Mosaic said the two-year yield was particularly prone to influence the outlook on Federal Reserve interest-rate changes, with risk assets suffering as a result of additional hikes.“The 2-year yield that tends to lead fed funds is n...