Bitcoin’s price has fallen 6% in the past 24 hours to trade right around $65,000 U.S. as volatility surrounding the largest cryptocurrency rises ahead of an upcoming halving event.
Crypto analysts say Bitcoin’s price has also been dragged lower by rising Treasury yields and a strengthening U.S. dollar.
Bitcoin’s price is further being impacted as futures traders scale back their expectations for an interest rate cut in June of this year with inflation remaining high and the U.S. economy showing continued resilience.
The latest economic data out of the U.S. showed the manufacturing sector expanded for the first time since September 2022.
%Bitcoin (CRYPTO: $BTC) is now more than 10% below its all-time high of just under $74,000 U.S. reached on March 14 of this year.
Stocks and crypto fell to start the year’s second quarter as the 10-year U.S. Treasury yield hit its highest level of the year and the American dollar reached its highest level in five months.
Analysts expect continued volatility in Bitcoin over the coming weeks as we approach the halving event that’s expected to occur in the second half of April.
The halving will slash the amount of Bitcoin that can be minded, and the rewards received for it, by 50%.
Past halving events have seen the price of Bitcoin rally 300% or more as the available supply of the cryptocurrency is literally cut in half.
The price of Bitcoin is still up 47% on the year.