Bitcoin Weekly Outlook: Overbought Fears Persist Despite Corporate Boom

YxMHNeQf 980x568

Key Bitcoin Takeaways Bitcoin bloomed higher last week despite weaker demand for safe-haven assets against a prosperous US economic outlook. The cryptocurrency’s upward move came as a part of its quarterly bullish trend as traders raised their BTC/USD bids against a flurry of corporate adoption news. Nonetheless, bitcoin has turned into an overbought asset that requires a neutralizing downside correction in the sessions ahead. Yerevan (Bitcoinist) – Bitcoin assumed two roles in the previous weekly sessions. For corporates: the cryptocurrency appeared like a safe-haven asset that could protect their balance sheets from the US dollar’s devaluation. Meanwhile, its rally against the rising long-dated US Treasury bond yields showed investors’ appetite for higher risks. The BTC/USD exchange rate closed 18.13 percent higher in the week ending February 21. In doing so, the pair managed to secure one record peak after another, hitting an ultimate top of $58,367 ahead of the weekly…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE