Bitcoin falls below the 200-day moving average amid safe-haven demand

Bitcoin (BTC) prices fell below the 200-day simple moving average (SMA), intensifying the bearish trend. At the same time, the U.S. 10-year Treasury yield dropped to its lowest level since April, strengthening preference for safe-haven assets such as bonds.

On the 17th (local time), according to CoinDesk, Bitcoin fell below the 200-day moving average near 107,500 dollars and declined to 106,900 dollars. On a weekly basis it fell 7%, and it also fell 6.5% last week. Major digital assets such as Ethereum (ETH), Solana (SOL), and XRP (XRP) also fell together, with weekly losses reaching 9~12%.

This downturn is interpreted as resulting from roughly 500 million dollars flowing out of U.S. spot Bitcoin exchange-traded funds (ETFs). As concerns over tightening financial market liquidity grew, analysts say investors are avoiding risk assets. Technical indicators also show clear short-term bearish signals, and some traders suggest Bitcoin prices could fall further below 100,000 dollars.

U.S. stocks likewise showed risk-off sentiment. S&P500 futures fell about 1%, and bank stocks led declines after Zions Bancorp and Western Alliance Bancorp reported issues related to exposure to fraudulent loans.

Risk-off sentiment spurred demand for U.S. government bonds. The 10-year Treasury yield fell to 3.94%, marking its lowest level since April. Generally, bond yields and prices move in opposite directions.

The Philadelphia Fed manufacturing index released earlier this week plunged to -12.8 points, heightening concerns about an economic slowdown. Analysts say such weak data has further boosted demand for long-term Treasuries, reinforcing the shift toward safe-haven assets.