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

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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 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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