Bitcoin Weekly Outlook: Yields Continue to Pressure BTC/USD Downwards

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Key Bitcoin Takeaways: Bitcoin posts strong recovery during the weekend session but looks weaker at the new week’s beginning. MicroStrategy’s relentless accumulation of the cryptocurrency and the US government’s additional stimulus package provide tailwinds to the price rally. Meanwhile, upbeat long-term Treasury yields weaken Bitcoin’s appeal. The bitcoin price retraced from its upside weekend session against the prospect of an ongoing rise in US borrowing costs. As of Monday, the BTC/USD exchange rate held support above $50,000 following a pullback from its early Asian session high of $51,846. Its modest declines appeared on profit-taking sentiment after Bitcoin closed the previous week up 12.71 percent, according to data provided by Coinbase, a US-based crypto exchange. Bitcoin holds $50,000 while feeling pressure from the US yields market. Source: BTCUSD on Nevertheless, the last week’s upside momentum came in response to Bitcoin’s bearish stretch in the week ending February 28, wherein it…

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