BTC falls below 200-day moving average as market turns bearish

Market sentiment has turned bearish as Bitcoin (BTC) dropped below its 200-day simple moving average (SMA) of $107,500, according to an analysis by CoinDesk. The report noted that a sell-off is accelerating amid spreading risk-off sentiment. BTC, which fell 6.5% last week, has declined another 7% this week and could potentially drop below the $100,000 level within days. Major altcoins such as XRP, SOL, and ETH have also seen average weekly declines of between 9% and 12%. Meanwhile, the risk-off mood has boosted demand for bonds, pushing the 10-year U.S. Treasury yield down to 3.94%, its lowest point since April.