Bitcoin ($BTC) Starts Work Week in the Red

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Bitcoin fell 0.5% to $27,416 in the past 24 hours after facing selling pressure last week as bond yields rose and the U.S. dollar liquidity declined. The cryptocurrency registered a 9% weekly loss, its largest seven-day decline since early November, according to data from TradingView and CoinDesk. Bitcoin had reached $30,000 last week for the first time in almost a year. The yield on the 10-year U.S. Treasury note rose by six basis points to 3.58%, its second straight weekly gain, denting the appeal of risky assets, including cryptocurrencies. Ether also erased most of its monthly gains, trading recently at $1,851, down 1% in the past 24 hours. Simon Peters, an analyst at investment firm eToro, wrote in a morning note Monday that the market is yet to see bitcoin retest more precipitous levels that would suggest the recent rally is finished.

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