I have read about treasury bonds for years. For some reason, I have trouble really understanding treasury markets. The whole "tail" thing confuses me. Right now it might be more important, and interesting, to understand what's going on. Lavish explains everything, including basic bond terms, tails, and failed auctions. He also talks about btc, but in this case it's the bid to cover ratio.
TLDR: Things are ugly, foreign demand for treasuries is dropping, domestic demand isn't picking up the slack, BUT... banks probably have enough liquidity to keep the game going a while longer.