The Federal Reserve maintains high interest rates, and the valuation of non-interest-bearing assets remains under sustained pressure

Current U.S. inflation data is stubborn, and Federal Reserve officials continue to issue hawkish signals, clearly pushing back expectations for rate cuts in 2026 significantly and even keeping the possibility of further rate hikes.
U.S. Treasury real yields have long stayed at elevated levels above 3.5%. Treasuries can provide stable, risk-free returns, while Bitcoin generates no interest and no cash flow. The opportunity cost of holding it rises sharply, and capital will continue to rotate from crypto assets to safer fixed-income instruments, directly suppressing BTC’s upside. The 67,300 rebound range has no long-term incremental funding to provide support.