Why is Bitcoin price down today despite falling exchange reserves?

The total cryptocurrency market capitalization stood near $2.86 trillion as traders prepared for another set of U.S. economic releases.

Why is Bitcoin price falling today?

Higher U.S. bond yields have returned as one of the main macro pressures on $BTC. The 10-year Treasury yield reached levels last seen in 2007, while the 30-year yield moved near highs not recorded since the early 2000s.

The Federal Reserve raised its target range by 25 basis points on Sept. 16 to 3.75%–4.00%, citing elevated inflation and resilient economic activity.

Market attention now turns to the August personal consumption expenditures report. The Bureau of Economic Analysis scheduled the release for Sept. 30 at 8:30 a.m. ET. July headline PCE inflation stood at 3.7% year over year, while core PCE increased 3.3%.

Higher yields have previously weighed on $BTC by increasing the return available on government debt while tightening financial conditions. In related coverage, $BTC tested $83,000 as its four-hour MACD turned bearish after Treasury yields climbed and the rally from below $76,000 began losing momentum.

$BTC still remains well above its mid-August levels near 63,000–65,000. The daily structure has continued to form higher highs and higher lows, though the rejection near 86,000–87,000 has moved $BTC back into consolidation.