Analysis: Traders expect BTC to slide to $70K within next few weeks amid soaring Japanese bond yields

With surmise surrounding potential rate hikes by Japan, the yield of the Japanese Government Bond (JGB) ascended to 2.265% last week, marking the highest level since the global financial crisis in 2008, CoinDesk reported, citing an X post by The Kobeissi Letter. There are concerns among traders that soaring Japanese bond yields, coinciding with geopolitical and economic uncertainties, could potentially spark a sharp pullback on Bitcoin (BTC). According to the news outlet, the growth in yields suggests the Bank of Japan (the country's central bank) may raise interest rates so as to control inflation or manage its huge public debt. As a result, traders are setting the price target of BTC at $70,000 within the next few weeks.