Bitcoin Pullbacks after Hitting $40K; Will It Resume Its Rally?

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Bitcoin posted its first negative open after rising three days in a row and hitting an all-time high above $40,000. The world’s leading cryptocurrency fell by as much as 7.45 percent during the Asian session Monday, hitting an intraday low of $36,565 before paring its losses ahead of the European trading hours. Its sentimental shift owed to speculative traders who wanted to secure short-term gains near $40,000. Bitcoin spots higher buying sentiment in the $36,000-36,500 area. Source: BTCUSD on Meanwhile, global investors also placed bets on reflation trades given the recent rise in government bond yields. The yield on the benchmark 10-year Treasury note surged above 1.09 percent for the first time since March. Inflation expectations typically favor Bitcoin’s bullish outlook, but the market appeared to have allocated their capital elsewhere as the cryptocurrency turned too risky to purchase near its overbought levels. For instance, the US benchmark West…

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