Bitcoin recovered for two consecutive sessions and returned to the area around USD 77,000, as pressure from U.S. Treasury yields and the U.S. dollar temporarily eased.
After the U.S. 10-year Treasury yield rose to the 4.6–4.7% range, it has now pulled back to around 4.5%, while the U.S. Dollar Index also retreated from around 99.2–99.3 to the 98.7–98.8 area.
This movement has helped improve market risk appetite to some extent, providing short-term support for liquidity-sensitive assets such as Bitcoin.
BTC is currently trading around USD 77,000, after rebounding from a recent low near USD 74,000.
However, the current positive signal remains largely a short-term reaction. Although U.S. Treasury yields have cooled, they remain elevated compared with previous periods, reflecting continued market caution over inflation risks, borrowing costs, and the outlook for Fed monetary policy. The U.S. 10-year Treasury yield has recently stayed around 4.5% after retreating from the 4.6–4.7% area, its highest level since early 2025, as geopolitical uncertainty and inflation concerns continue to put pressure on the bond market.
The bigger negative factor for Bitcoin remains ETF flows. According to SoSoValue data, U.S. spot Bitcoin ETFs recorded six consecutive sessions of net outflows from May 15 to May 22, with total net outflows of around USD 1.55 billion. On May 18 alone, net outflows reached USD 648.6 million, with BlackRock’s IBIT seeing outflows of USD 448.4 million. This suggests that institutional demand remains relatively weak, leaving the current rebound without enough support to confirm a sustainable upward move.
In the near term, Bitcoin is likely to continue moving within a technical rebound and short-term consolidation phase, with the area around USD 80,000 remaining an important level to break in order to improve bullish momentum. If BTC fails to reclaim this area, selling pressure could return, especially as ETF flows remain negative and the macro environment is still not fully supportive.
Conversely, if yields and the U.S. dollar continue to weaken, while ETF outflows temporarily stop, Bitcoin could gain additional momentum to retest the USD 80,000 area. For now, the USD 74,000–75,000 range remains the key near-term level to monitor.
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