Ethereum fails to break out vs. Bitcoin as Treasury yields soar — Will ETH re...
The ETH/BTC pair remains pinned below a key resistance level as the macro landscape worsens. Ether (ETH), the native cryptocurrency of Ethereum, has failed to break out once more against Bitcoin (BTC) with BTC/USD rallying by more than 8% on March 18.There are two likely reasons why the ETH/BTC pair is failing to break through an important resistance level.First, BTC rallied strongly in a short squeeze after the majority of the market was short throughout the past few days, outperforming most alternative cryptocurrencies.Second, the overall macro landscape for the risk-on market is....
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BTC dropped below $56,000 on Sunday as several bearish signs emerged. The price of Bitcoin (BTC) dipped below $56,000 on March 21 after repeated rejections by the $60,000 resistance level throughout the past four days.BTC/USD 1-hour candle chart. Source: TradingviewDespite getting closer to cleanly breaching past the key technical level, Bitcoin has been showing weakness in the $59,000 to $60,500 range.There are three major reasons behind the stagnation: the rise in Treasury yields, bearish movements on Bitfinex, and the struggle of the risk-on market.High U.S. Treasury yields cause....
U.S. Treasury and corporate bonds are returning lower yields than ever. Ethereum's currency ether (ETH) presents an alternative.
Bitcoin sees weakening momentum as the U.S. dollar recovers and Treasury yields rise. The price of Bitcoin (BTC) is struggling to break past $51,000 on March 8 as the U.S. Treasury yield is rising again, while the U.S. Dollar Index (DXY) is at the highest levels in over three months.The global stock market, including equities in the United States and Asia, has pulled back in tandem as the U.S. Senate's stimulus approval has sparked inflation fears.BTC (orange) vs. DXY (green) vs. Treasury yield (blue). Source: TradingviewWhy is Bitcoin dropping off of inflation fears?As Welt market analyst....
The price of gold has also been stagnating, but this isn't necessarily bad for "digital gold" Bitcoin. This week's correction in the price of Bitcoin (BTC) showed that a market doesn’t go up in a straight line. Meanwhile, another topic has been gaining attention, namely the big rise in the 10-year yields of United States government bonds. In recent weeks, the 10-year Treasury yield of U.S. government bonds has surged 35% to a new high of 1.44%, the highest point since the cross-asset crash in March 2020.Treasury yield bounces from a 60-year lowU.S. 10-year yield 1-week candle chart.....
Bitcoin has struggled to capitalize on its recent bull run above $61,000 as traders continue to assess the impact of rising US bond yields on the cryptocurrency market. And now, with markets anticipating further interest rate growth in the 10-year Treasury note, an overvalued BTC/USD exchange rate is clueless about where to head next. The […]