US Treasury yields spike to highest levels in a year adding new problem for Bitcoin liquidity

A sharp rise in U.S. Treasury yields — the 10-year around 4.42% (Apr. 29), the 30-year near 4.98% and the 5-year about 4.05% — combined with elevated oil (Brent > $126) and a Fed that held rates, is constraining Bitcoin’s rally. CryptoSlate argues that higher nominal and real yields (10-year real ~1.96%) and sustained oil-driven inflation raise the hurdle rate for risk assets, making Bitcoin’s $78k–$80k resistance harder to clear. Policy and market plumbing (TGA management, Treasury bill buybacks, Fed reserve operations) can ease funding stress but may not neutralize the oil-inflation channel. If the 10-year moves through ~4.5% while oil stays elevated, BTC’s ceiling is likely set by bonds and liquidity conditions rather than crypto-specific flows, increasing downside risk unless strong spot/ETF demand absorbs supply.