Bitcoin fell below $68,000 triggering a chain reaction of liquidations, while U.S. Treasury yields approached 4.5%, putting pressure on risk assets.

Gate News reports that Bitcoin weakened again in the past 24 hours, dropping by about 2% and falling below the $68,000 mark for the first time in four days. This pullback quickly triggered turbulence in the leveraged market, with data showing that over $50 million in long positions were liquidated in just one hour, with about 70% concentrated in Bitcoin, reflecting a rapid collapse of the bullish defense line in the market.

From the perspective of derivative structure, the liquidation pressure has not yet been completely released. The 48-hour liquidation heat map shows that a significant amount of potential liquidity is still clustered below $66,000. If the price continues to dip, it could trigger a new round of cascading liquidations. Additionally, the current funding rate has turned negative, indicating that bearish sentiment in the market is heating up, with short sellers starting to take the initiative, which historically has often been associated with short-term bearish trends.

Changes at the macro level also exert pressure on the market. The yield on the 10-year U.S. Treasury bond is approaching 4.5%, near a one-year high, significantly enhancing the appeal of risk-free returns, thereby weakening the allocation value of risk assets like Bitcoin. Meanwhile, the MOVE index, which measures bond market volatility, has risen by about 18% in the past 24 hours, indicating a significant increase in financial environment uncertainty.

Disruptions in geopolitical situations further amplify volatility. The ongoing conflict in the Middle East, combined with the impact of Ukraine on Russian energy supplies, is driving up oil prices. Both Brent and WTI crude oil have recorded an increase of about 3%, with rising energy prices reinforcing inflation expectations and increasing the likelihood of global monetary policy tightening again.

Furthermore, the U.S. Dollar Index (DXY) is nearing the 100 mark, and a stronger dollar exerts pressure on global liquidity, posing additional resistance to assets including Bitcoin. Amidst these multiple intertwining factors, the market still faces adjustment pressure in the short term. Whether prices can stabilize around $66,000 will become a key observation point for the next phase of trends.