Bitcoin Weekly Outlook: Rising Yields Continue to Threat Uptrend
Bitcoin opens the new week in a negative area, with traders still assessing its short-term market bias against a basket of macro fundamentals.
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Rising bond yields are a threat to prices of hedge assets, but bitcoin is soaring as gold falls.
Bitcoin fell wildly last week as the US dollar capitalized on rising Treasury bond yields.
The bitcoin price retraced from its upside weekend session against the prospect of an ongoing rise in US borrowing costs.
In the short-term, supporting the upside outlook is the uncertainty led by a rising number of coronavirus infections in the US.
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 […]