Bitcoin has pulled back as government bond yields climb, which is bad news for crypto holders in the short run but could set up better buying prices for people willing to wait.

• Bitcoin was rejected twice near $88,000 and has slipped back into the low $80,000s, dragging XRP, Solana and Ethereum with it.
• The 10-year Treasury yield pushing above 5% is the main force working against crypto right now.
• On the bright side, Bitcoin has held above its 200-day average for six straight weekly closes — something no failed bear rally has ever managed.
• The bear case is still open: a drop into the low $70,000s or even the $60,000s is possible, with a big cluster of forced-sell orders sitting down there.
• July's low came unusually early in the cycle compared with past bottoms, so this may not be the real floor yet.

Outlook: Expect big swings up and down near term — a weekly close above $88,000 would open the door toward $100,000, while a break below the 200-week average would put the high $50,000s back in play.