Recently, Bitcoin has shown a decline in its short-term performance, suggesting potential concerns for the popular digital currency. Several technical indicators point to a notable support level just below $65,000, which analysts and investors are closely monitoring to gauge future price movements.

Technical indicators, such as the comparison of current prices with those of the past ten days, have turned negative. This indicates a recent downward trend in Bitcoin's market movements. Investors use these momentum indicators to understand ongoing trends and anticipate potential changes in market direction. The current negative momentum suggests a renewed bearish sentiment in the market.

Additionally, the MACD histogram, which tracks trend changes using exponential moving averages, has also shown negative signals. A bearish MACD histogram, especially when it falls below zero, typically indicates potential price declines. These indicators collectively suggest that Bitcoin's price may face further downward pressure in the near term.

Market dynamics and macroeconomic factors are further complicating Bitcoin's outlook. Analysts point to rising US Treasury yields as a significant risk factor. Higher yields often strengthen the US dollar, leading investors to favor safer assets like government bonds over riskier investments such as Bitcoin. This shift in investor sentiment could adversely affect Bitcoin's price performance.

Currently, the 50-day simple moving average (SMA) stands as a crucial support level at $64,870. This SMA is widely observed to assess an asset's medium-term trend. If Bitcoin fails to hold above this level, it could signal potential for continued price declines.

Looking ahead, Bitcoin faces critical thresholds that could dictate its future trajectory. Breaking above the upper channel formed by March and April's highest and lowest levels would be crucial for bullish momentum to resume. This breakthrough would signify a potential reversal in Bitcoin's fortunes, indicating possible upward momentum in its price.

In conclusion, while Bitcoin navigates through short-term challenges marked by negative technical indicators and external economic factors, investors and analysts alike are closely monitoring key levels and market dynamics to gauge the cryptocurrency's next moves.