Bitcoin Weekly Outlook: Expect Bull Rally to Resume on Poor Labor Data

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Bitcoin opened lower this week as prospects of an orderly transition of power in Washington and a spike in US Treasury yields hammered the cryptocurrency’s overextended rally. The BTC/USD exchange rate slumped by up to 12.67 percent on Monday, logging an intraday low of $33,333. Some analysts claimed that it was a natural price correction, primarily after Bitcoin’s consecutive gains of up to 119 percent in the previous four weeks. They noted the price would resume its uptrend again. Vijay Boyapati, the author of “the Bullish Case for Bitcoin,” reminded a correction of up to 30-40 percent after a wild upside rally was natural during the 2017 bull run. Retailers bought every dip to push the Bitcoin price higher. But in 2020, institutional players have replaced the retailers, which has translated into volatile bullish moves with minimal corrections. “In the current bull market demand seems to appear after corrections between…

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