Bitcoin remained under pressure as its price fell below $77,000 on Monday as rising global bond yields and a surge in oil prices dampened sentiment towards riskier assets.
The world’s largest cryptocurrency was trading around $76,946 in early trading, its lowest since May 1. Last week, Bitcoin briefly surged above $80,000 but failed to sustain the upward momentum.
Market sentiment has become increasingly cautious as tensions over Iran have escalated, pushing oil prices above $110 a barrel. The situation has raised concerns about global inflation and the possibility of higher interest rates for longer.
Rising energy prices have also sparked a sell-off in government bond markets, sending the yield on the 10-year US Treasury bond to its highest level since early 2025.
At the same time, traders are increasingly discounting expectations for interest rate cuts by the Federal Reserve System throughout 2026. In fact, futures markets are starting to indicate the possibility of another rate hike this year.
The situation is putting pressure on Bitcoin and other high-growth assets as investors are turning to fixed-income instruments that are considered safer as bond yields rise.
Geopolitical tensions have also increased after US President Donald Trump warned that time is running out for Iran to reach a deal with Washington, raising concerns about global oil supply disruptions.
While institutional interest in Bitcoin remains positive with inflows into Bitcoin spot ETFs, the crypto market is struggling to maintain its upward momentum for now.
Investors are also paying attention to NVIDIA Corporation's earnings report this week, which is expected to be a key driver of risk sentiment in global financial markets.
