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Bitcoin faces $28K Resistance

Bitcoin fell Thursday, dropping alongside broader markets as stocks fell and bond yields rose.

Cryptocurrencies were under pressure as investors grappled with renewed concerns about the U.S. economy.

Tweet on BTC price fluctuation

Coindesk chart on BTC

The cryptocurrency recently traded around $27,994, according to CoinDesk, down about 3.5% over the last 24 hours.

It hasn’t closed below $28,000, based on 5 p.m. levels, since mid-June, according to Dow Jones Market Data.

Markets have been betting the central bank wouldn’t make any more moves on interest rates this year.

In reaction, the stock market fell for a second straight day Wednesday and the 10-year U.S. Treasury yield hit its highest close since 2008.

Image: BTC