• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Pushes Past $37,000 But Rising Yields Sour Bull Sentiment

Yashu Gola by Yashu Gola
3 years ago
in Bitcoin
0

A bruising start to the week for Bitcoin shows signs of evaporating as the cryptocurrency reclaims critical resistance levels this Thursday.

Buying opportunities near $30,000—a level Bitcoin touched after its decline from $41,986—renewed traders’ short-term bullish bias. The BTC/USD exchange rate leveled a sharp retracement against the downside outlook caused by the appearance of a Head and Shoulder bearish pattern, instilling hopes of a broader upside move towards $40,000.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin trades 25 percent higher from its session low near $31,000. Source: BTCUSD on TradingView.com

Bullish Bitcoin Metrics

Two of the most brighter market outlooks came from CryptoQuant, a blockchain analytics platform that tracks BTC movements across the exchanges. Its CEO Ki-Young Ju asserted amid Wednesday’s choppy price moves that institutional investors purchased Bitcoin between $30,000 and $32,000. That gave the cryptocurrency a natural defense against short-term dumping sentiment.

“Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it won’t go down below 28k,” Mr. Ju added.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Stablecoin inflows into crypto exchanges rise as Bitcoin reclaims $37K. Source: CryptoQuant

Meanwhile, Nuggets News AU’s co-founder/CEO, Alex Saunders, highlighted another CryptQuant chart that showed an increase in stablecoin deposits across all the crypto exchanges. For speculators, the inflow of dollar-pegged tokens into trading platforms equates to a potential boom in buying behavior.

Yield Correlation

Recent strength in the US dollar was a likely contributing factor to weakness in the Bitcoin market.

Meanwhile, rising bond yields also added to the downside pressure on the cryptocurrency. Many speculators agree that investors jumped into riskier assets like Bitcoin in 2020 because of negative-yielding debt in shorter-maturity bonds and below 1 percent returns in the longer-dated Treasuries.

The newfound sentimental correlation between Bitcoin and yields proved troublesome as the percentage-returns on the US 10-year Treasury note surged above 1 percent for the first time since March. The recovery started after Democrats won key Senate run-offs last week, sparking hopes that the incoming Joe Biden administration will bring additional stimulus to boost the US economy.

US 10-year Treasury note, US10Y, bond yields
The yield on the US 10-year Treasury note rises over 1 percent. Source: US10Y on TradingView.com

That improved growth and inflation expectations, leading both the dollar and the benchmark yield higher. Bitcoin turned lower in response.

The last 24 hours witnessed yields correcting lower, which, in turn, prompted Bitcoin to pare its early-week losses. As of Wednesday, the US10Y was rising all-over again, signaling potential downside correction ahead for the cryptocurrency.

Felipe Villarroel, a portfolio manager at TwentyFour Asset Management, sees the yields rising to 1.5 percent by the end of this year on revised US growth expectations. That would drive up the US Treasury supply higher than anticipated, driving prices lower and yields higher.

Image by ArtTower from Pixabay

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Crypto

A Crypto Recession Looming? Commodity Strategist Raises The Red Flag

3 hours ago
Bitcoin Silk Road Ross Ulbricht

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

1 day ago
Bitcoin price $30,000

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

4 days ago
Bitcoin

Bitcoin Long-Term Metrics Point To A Different Scenario Than 2019 Fakeout: Top Analyst

4 days ago
Bitcoin

Bitcoin Hash Rate: Public Miners Account For Just 28% – Is Decentralization In Jeopardy?

4 days ago
Bitcoin

Bitcoin Recent Hiccup: Understanding The Invalid Block 

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • New Crypto Gem Ready To Upheave The Ethereum Staking...

    4 hours ago
  • 1B XRP Unlocked: Ripple (XRP) has more chances to grow than...

    5 hours ago
  • Solana (SOL) and Cardano (ADA) New Price Targets –...

    7 hours ago
  • Polygon (MATIC) and Polkadot (DOT) Breaking Trendline with...

    7 hours ago
  • Scorpion Casino Token Look Set for Higher ROIs than Bitcoin...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.