Bitcoin falls over 15% from its 12th April highs of $71000, as embedded inflation, and short end bond yields jump. Iran's attack on Israel didn't help either. Liquidity tightening will knock BTC lower.

Bitcoin (BTC), since April highs of $71000, has crashed down 15%, due to two aspects:  the 1st, is the close to Two year highs of the 10 YR yield, sitting at 4.60% on sticky/embedded inflation within the U.S. economy.  And the 2nd, and of course it is the most obvious, the widening war in the Middle East, that America and the EU seem incapable of reigning in Israel, who has been expanding their preemptive and aggressive attacks on Iranian proxies in the region.   Wars are inflationary, particularly a Middle Eastern war, with oil shocks abound, and this should not be ruled out if the Straits of Hormuz could end up being a flash point.  Which would be Iran tightening the screws on any attacks onto its territory by Israel.

So, speculative assets such as Bitcoin, which are only a 'hedge' via its own market.  BTC is not a safe haven, the U.S. Dollar is, Gold is, VIX options are, and finally oil will be if it develops into a bull run.  Which looks likely if the technocrat 'war managers' cannot contain our current wars, and as reminder, containment of conflicts have never been achieved in history of warfare.  Wars, if peace negotiations and a ceasefire has not been called, always spin out of control or become forever wars.  Note Ukraine and the Russian quagmire.

BTC, has fallen out of its 65800, 63640 bull trap/trading range, piercing through its 64000 price support, on its way to the psychological 60000. Beyond that, BTC could collapse to 51000.

Please refer to the above chart of BTC and 10YR yield (below pane)