Fed’s Brainard Speech Offsets Bitcoin Crash Fears against Rising Yields

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Bitcoin held onto its key technical support area despite a concerning sell-off on Tuesday, raising hopes that it might survive the bearish assault that brought its prices down by 21.32 percent last week. The benchmark cryptocurrency reported early gains on Wednesday, surging by up to 2.72 percent to $49,470 after bouncing off its 20-day exponential moving average support. Its move upside accompanied little volumes, alerting bulls to wait for a confirmation before extending their upside bias. Bitcoin Holds Firm Tuesday was all about profit-taking. Bitcoin’s wild upside move of 9.74 percent at the start of this weekly session prompted traders to minimize their risks. Concerns that the Federal Reserve would raise its benchmark lending rates in the wake of rising Treasury yields drove investors to the safety of cash. US stocks also reacted negatively to investors’ anxiety. Bitcoin maintains its weekly bullish setup as yields rise calm. Source: BTCUSD on…

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