Bitcoin (BTC) fell to $74,190 on Saturday, its lowest level in more than a month, despite pro-crypto Kevin Warsh being sworn in as Federal Reserve chairman a day earlier.

BTCUSD daily chart. Source: TradingView

Key takeaways:

• Higher odds of a rate hike in 2026 are pressuring the Bitcoin market.
• Bitcoin has historically struggled during years marked by Federal Reserve leadership changes.

Why is Bitcoin down despite a pro-crypto Fed chair?

Bitcoin’s sell-off came as the 2-year US Treasury yield climbed to 4.14%, its highest level since February 2025.

US 2-year bond yield daily chart. Source: TradingView

The 2-year yield is closely tied to where traders expect the federal funds rate to move in the near term. Its move above the Fed’s current…