The primary trigger is the unexpected and persistent inflation. With the bond market now projecting less than three cuts and 10-year Treasury Yields surpassing 4.50%, we may have arrived at a crucial tipping point for risk assets.
Most of this 2023/2024 Bitcoin rally is driven by expectations that interest rates would be cut, and this narrative is being seriously challenged now.
A key technical indicator, the relative strength index (RSI), suggests that Bitcoin price may be "overbought." On the weekly chart, Bitcoin's RSI is currently at 67, down from its 2024 high of 88, hit on March 24, according to TradingView.
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