The 30-year US Treasury yield has reached a two-decade high of 5%, sparking concerns among crypto analysts that rising yields will hurt bitcoin. As yields increase, bonds become more attractive, leading to a potential capital rotation out of risk assets like bitcoin. The surge in bond yields is attributed to the Federal Reserve's hawkish stance, with three officials pushing back against easing language, and elevated oil prices, which are driving up long-term inflation expectations. This combination of factors is creating a challenging environment for bitcoin, with the cryptocurrency already under pressure from a strengthening US dollar.