Bitcoin, Ethereum, XRP and Dogecoin fall as Treasury yields rise

Bitcoin, Ethereum, XRP and Dogecoin declined further on Monday as investors reacted to rising bond yields and growing expectations of interest rate hikes. Bitcoin attempted to break above $84,000 but met resistance and fell toward $82,000. Ethereum reached an intraday high of $2,717.37 but did not break through. XRP and Dogecoin recorded sharp dips. More than $530 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly from bullish long positions, according to Coinglass data. Bitcoin open interest fell 2.21% over the last 24 hours. Smart-money sentiment remained bullish; the article defines it as the collective outlook and capital allocation of institutional investors. The global cryptocurrency market capitalization stood at $2.96 trillion and was broadly unchanged over the last 24 hours. Strategy Inc. shares closed down 0.93%. Bitmine Immersion Technologies shares closed down 2.61%. The Dow Jones Industrial Average fell 347.11 points, or 0.67%, to close at 51,481.51. The S&P 500 fell 0.77% to close at 7,683.69. The Nasdaq Composite fell 0.92% to close at 26,820.38. The 10-year Treasury yield rose 48 basis points in a month to 5.23%, its highest level since June 2007. The 30-year Treasury yield advanced to 5.55%. The CME FedWatch tool showed a 71% chance of another 25-basis-point rate hike in October, up from 64% the day before. Ali Martinez identified a double-bottom breakout on Bitcoin's daily chart, with the price retesting the $82,000 neckline. The article describes a double-bottom pattern as a signal that a downtrend is likely ending and an uptrend is beginning. Martinez projected that the retest could offer a buying opportunity if the level holds as support, before a rally toward the pattern's $100,000 target. Michaël van de Poppe said Bitcoin may have formed a local bottom. He projected an upward trend if Bitcoin reclaims $84,000.