Bitcoin (BTC) has experienced a significant decline, dropping below $79,000 as concerns over rising US bond yields have triggered a sell-off in risk assets. This downturn comes as the US 10-year Treasury yield has climbed above 4.55%, the highest level since May 2025, leading to fears of an unsustainable bond market. Analysts from The Kobeissi Letter noted that the current bond market situation is intensifying, with a 60% likelihood of an interest rate hike by the Federal Reserve, indicating a shift in market sentiment. The rise in bond yields has also contributed to a broader sell-off in stocks, which had recently reached all-time highs. As Bitcoin approaches its lowest levels for May, traders are now retesting support levels, with expectations of further declines towards the mid-$70,000 range. Market analysts suggest that Bitcoin's price action may remain range-bound until a significant breakout or breakdown occurs.