Bitcoin Weekly Outlook: Rising Yields Continue to Threat Uptrend

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It happened last weekend. Bitcoin managed to close above $40,000 for the third time since January 8. But again, the benchmark cryptocurrency got bull-trapped by daytraders who sold off the said level to secure short-term profits. As a result, Bitcoin opens the new week in a negative area, with traders still assessing its short-term market bias against a basket of macro fundamentals, primarily a recent uptick in the US 10-year yields above its January 11th peak. Sell-off in bond markets typically weigh negatively on safe-haven assets—like Bitcoin and gold, generally non-yielding. The yield on the US 10-year note is rising. Source: US10Y on TradingView.com But traders in the cryptocurrency space expect larger upsides. That is due to the Federal Reserve’s decision to keep its benchmark interest rate near zero until 2023 and buying government and corporate debts at a rate of $120 billion per month until the economy achieves maximum…

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