Bitcoin, Ethereum, XRP, Dogecoin Slide as Treasury Yields Push Higher: Analyst Flags BTC 'Buying Opportunity' Before the Rally Resumes

Leading cryptocurrencies declined further on Monday as investors reacted to rising bond yields and growing expectations of interest rate hikes.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:24 p.m. EDT)Bitcoin -1.20%$82,930.28Ethereum -0.20%$2,665.02XRP -2.30%$1.48Solana -3.90%$117.15Dogecoin -3.60%$0.09299Crypto Market Drops FurtherBitcoin pushed for a breakout above $84,000 but met strong resistance and fell back toward the $82,000 area.Similarly, Ethereum hit an intraday high of $2,717.37 but failed to break through. XRP and Dogecoin recorded sharp dips.Cryptocurrency-related stocks also slipped, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing down 0.93% and 2.61%, respectively.Over $530 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.Bitcoin’s open interest fell 2.21% over the last 24 hours. However, smart money sentiment — the collective outlook and capital allocation of institutional investors — remained “bullish.”Top Gainers (24 Hours)CryptocurrencyGains +/-Price (Recorded at 9:24 p.m. EDT)Hedera (HBAR) +22.90% $0.1195Algorand (ALGO) +11.50% $0.1344Chainlink (LINK) +9.00% $15.34The global cryptocurrency market capitalization stood at $2.96 trillion, broadly unchanged over the last 24 hours. Read Also: Stock Market PlungesStocks kicked off the week in the red. The Dow Jones Industrial Average shed 347.11 points, or 0.67%, to end at 51,481.51. The S&P 500 fell 0.77% to end at 7,683.69, while the tech-heavy Nasdaq Composite closed down 0.92% at 26,820.38.The 10-year Treasury yield , the highest since June 2007. The longer-dated 30-year yield advanced to 5.55%.Market participants are now pricing in a 71% chance of another 25-basis-point rate hike in October, up from 64% the day before, according to the CME FedWatch tool.BTC Buying Opportunity?Ali Martinez, a widely followed cryptocurrency analyst and trader, identified a double bottom breakout on Bitcoin’s daily chart, with price now retesting the $82,000 neckline.A double bottom pattern signals that a downtrend is likely ending and an uptrend is beginning. It resembles the letter "W" and shows buyers taking control.“If this level holds as support, the retest could offer a buying opportunity before the rally resumes toward the pattern’s $100,000 target,” the analyst projected.BITCOIN: BULLISH RETEST!? appears to have broken out of a double bottom pattern and is now moving back toward the $82,000 neckline.If this level holds as support, the retest could offer a buying opportunity before the rally resumes toward the pattern’s $100,000 target. Michaël van de Poppe, another well-known cryptocurrency commentator, said Bitcoin may have formed a local bottom and projected an upward trend if the cryptocurrency reclaims the $84,000 level.It looks to me as if we're going to be trending back up and that this might have been it for .Reclaim $84,000 and that's a strong signal. Read Also: Photo: KateStock / Shutterstock