BlockBeats News, May 15: The turmoil in the U.S. bond market triggered a sell-off in risk assets, causing Bitcoin to drop by 3% on the same day, breaking below $80,000 and hitting a new low since May. The stock market also retraced its previous gains. The trading information account The Kobeissi Letter pointed out that the market's previous "euphoric sentiment" is fading, and the U.S. bond yields have risen to unsustainable levels. The account wrote, "The U.S. 10-year Treasury yield has officially broken through 4.55%, the first time since May 2025. The bond market crisis is intensifying, and the current situation is unsustainable." Kobeissi also noted that the current yield has exceeded the level when Trump suspended tariffs on China in April 2025 due to the bond market crash, and added, "The market currently expects a probability of over 60% for the Fed's next move to be a rate hike, with rate cut expectations being completely ruled out. We expect mortgage rates to surpass 7%, inflation to make a comeback, and higher rates to follow." The latest data from the CME FedWatch tool shows that a 25 basis point rate hike by March 2027 is currently the most probable scenario.

Regarding Bitcoin's trend, analyst Eric Coleman stated that the current price action in the short-term time frame is as expected — Bitcoin rebounded at a horizontal support level but was once again suppressed by a trendline and horizontal resistance. "The price is expected to continue fluctuating between horizontal support and resistance until a valid breakout or breakdown occurs." Trader Pat also pointed out that Bitcoin fully retraced the previous day's gains, which is "not a good sign," with the intraday downside target now extended to the mid-range around $70,000.