I can't give you a specific economists answer, but a general geopolitical one.
US $ is very valuable because USA rules the seas and the skies, with military and trade. Because USA is a massive economic powerhouse, industrially and specifically military industry. It's also valuable because it is considered a very stable country and currency.
Trump undermines it ALL. An unused threatening jet and bomber carrying fleet just drifting in the Persian gulf able to strike anywhere was worth much more than a failed attempt to overthrow Iran government... A steadily increasing state debt is fine while economy and trade grows and if the debt is taken to increase a country's infrastructure, Trump undermines it with tariffs and "investments" in his ballroom etc.
Bond buyers don't necessarily expect to be paid back. The bond is a tradeable item on its own.
Bitcoin is shit in many ways, but no single orange madman can steer its value like he can the USD. There is imo basically a pretty strong correlation by now between *coin and gold/silver. Both are considered "always valuable", especially in times of geopolitical and economic unpredictability. Bitcoin rises because many people consider it a safe haven. Wether that's really so doesn't matter as long as many people believe it. The same goes for gold or USD: it boils down to collective perception of the item. Trump has been pretty bad news the last 8 months for the USD in that regard. The less people trust in USA as a stable strong country and USD as a stable strong currency, the higher the price of public debt becomes: would you want to loan your capital to Trump and his policies? I wouldn't. High ups in large international financial market players think increasingly similarly.