Bitcoin (BTC) has been performing well, maintaining prices just below record highs, indicating a typical pause in a bull market. However, a prominent market analyst cautions that recent macroeconomic factors could pose a risk to Bitcoin’s growth.

“Bitcoin remains strong, but macro factors are threatening [...] Bond yields are very unstable due to weak demand compared to US Treasuries issuance. If there is a negative impact on Bitcoin, it will likely be due to yields and the dollar index,” crypto analyst Chang told CoinDesk in an interview.

Treasury yield volatility is driven by US debt concerns, increased bond supply, and rising Japanese government bond yields. In the past two weeks, the 10-year Treasury yield has increased by 24 basis points to 4.55%, according to TradingView data. Traditional market analysts warn that yields exceeding 4.7% could lead to stock market volatility.

Higher yields generally result in higher borrowing costs for individuals and companies, making riskier assets like Bitcoin and tech stocks less appealing. Chang expects yields to remain volatile through June, closely linking Bitcoin with the stock markets.

**Rising Treasury Yields and Their Impact**

Currently, the two-year Treasury yield is nearing 5%. The potential for a 5% return on government bonds, considered safe investments, might prompt macro traders to move funds away from stocks, cryptocurrencies, and other high-risk sectors.

“We’re now at a level of bond yields where rising yields from here are really going to weigh on all asset classes,” Peter Oppenheimer, head of Macro Research at Goldman Sachs, said on Thursday on Bloomberg Surveillance.

Amid this context, traders are closely watching the personal-consumption expenditures (PCE) price index, a key indicator for Federal Reserve interest rate decisions. The PCE data, which the Fed uses to measure inflation, is set to be released on Friday.

**Bitcoin (BTC) Struggles at $69,000 Resistance**

As Bitcoin (BTC) closes May with positive gains, it continues to face challenges in breaching and sustaining new highs. Despite reaching an all-time high of $73,800 nearly three months ago, BTC has struggled to revisit these levels, stalling in its price discovery phase.

Keith Alan, co-founder of trading resource Material Indicators, underscores the significance of overcoming the $69,000 resistance level for a sustainable breakout. “I’m not expecting a legit, sustainable breakout until BTC bulls can validate an R/S Flip at $69k,” he said, indicating that turning this resistance into support is crucial for further price advances.