Bitcoin Pushes Past $37,000 But Rising Yields Sour Bull Sentiment

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A bruising start to the week for Bitcoin shows signs of evaporating as the cryptocurrency reclaims critical resistance levels this Thursday. Buying opportunities near $30,000—a level Bitcoin touched after its decline from $41,986—renewed traders’ short-term bullish bias. The BTC/USD exchange rate leveled a sharp retracement against the downside outlook caused by the appearance of a Head and Shoulder bearish pattern, instilling hopes of a broader upside move towards $40,000. Bitcoin trades 25 percent higher from its session low near $31,000. Source: BTCUSD on Bullish Bitcoin Metrics Two of the most brighter market outlooks came from CryptoQuant, a blockchain analytics platform that tracks BTC movements across the exchanges. Its CEO Ki-Young Ju asserted amid Wednesday’s choppy price moves that institutional investors purchased Bitcoin between $30,000 and $32,000. That gave the cryptocurrency a natural defense against short-term dumping sentiment. “Speculative guess, but if these guys are behind this bull-run, they’ll protect…

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