Bitcoin Weekly Outlook: Price Hangs b/w Dovish Yellen and Rising Yields

Bitcoin started the new week on strong note, finishing higher on Monday amid speculative bets against Treasury secretary nominee Janet Yellen’s confirmation hearing in Washington, where she will make a case for large-scale fiscal budgets to cushion the economic fallout led by COVID-19. The flagship cryptocurrency, which has earned itself the tag of “digital gold” for its anti-inflation similarities with the yellow metal, surged 2.23 percent to finish near $36,616 on Monday. Its upside move matched trends in the US stock market, where the S&P 500, the Dow Jones, and the Nasdaq Composite indexes all rose in tandem. Bitcoin consolidates inside a Symmetrical Triangle structure. Source: BTCUSD on TradingView.com Debt Bubble In the past four years, the US administration has pushed its debt load by almost $7 trillion, bringing the total amount to near $21.6 trillion. President-elect Joe Biden plans to boost government spendings by at least a trillion dollar.…

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