What is Bitcoin's Next Move?

The current Bitcoin price action can be viewed in two ways:

A seasonal perspective, where the drop is a normal occurrence in January of post-halving years, with an expected 30% correction.
A macro yield perspective, where the sell-off is related to the long end of the yield curve, with the 10-year yield going up due to concerns about inflation and the Fed cutting rates too soon.

The 10-year yield is breaking out, which could be a headwind for risk assets like Bitcoin.
The S&P 500 and Russell 2000 have given back their post-election gains, and Bitcoin may follow suit.
The Bitcoin price has broken below the range low, but if it can stay above $90,000 for the next week or two, it may be more reminiscent of the 2024 price action.
The unemployment rate has dropped from 4.2 to 4.1%, and inflation is going up, which may lead to the 10-year yield topping out.

If the 10-year yield tops out, Bitcoin may begin another breakout.
If the yield continues to go higher, Bitcoin may give back its gains and consolidate at a lower level.
The reaction of Bitcoin at the range lows will give insight into what's going to happen in Q1.

The market is focused on the reaction of Bitcoin at the range lows and whether it can stay above $90,000.
The 10-year yield and macro data are key factors to watch, as good news has been bad news due to concerns about inflation and the Fed's resolve.