According to @KobeissiLetter, a strong auction of 10-year U.S. Treasury notes has temporarily undermined the narrative that investors are abandoning U.S. debt for Bitcoin (BTC) and gold. Demand for the notes outstripped supply by over 2.5 times, as cited by Exante Data. Despite this, institutional interest in cryptocurrency remains robust, evidenced by JPMorgan's recent filing for a crypto platform and MicroStrategy's purchase of over 10,100 BTC. Market analysts at BRN maintain a high-conviction view that BTC prices will grind higher into 2025, arguing the current risk/reward asymmetry favors staying invested. From a technical standpoint, Bitcoin's 50-day simple moving average (SMA) is acting as a crucial support level, and a break below this could trigger significant selling pressure.