Macro conditions remain conflicted for Bitcoin. The DXY has rolled over from its July highs, typically a supportive development for risk assets, yet US 10-year yields have continued climbing toward 4.7%. Bitcoin has so far failed to respond meaningfully to the weaker dollar, remaining anchored near cycle lows around $60–65k.

This divergence suggests that elevated real and nominal yields remain the dominant macro constraint, keeping financial conditions restrictive and raising the opportunity cost of holding non-yielding assets. A more constructive backdrop for $BTC would likely require the recent dollar weakness to be accompanied by a sustained decline in Treasury yields.