BitcoinBONDBTC priceCointelegraph.comtreasury yield

Bitcoin price dips under $55K as US bond yields touch 13-month high

Fresh difficulties for BTC price action fails to dent investor enthusiasm as the battle for $55,000 support begins.
Bitcoin (BTC) slid under $55,000 on March 17 as United States treasury yields built on a comeback, which took them to their highest in over a year.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewBTC price stays firmly rangeboundData from Cointelegraph Markets Pro and Tradingview showed further downward pressure for BTC/USD on Wednesday, compounding a comedown that began late on Sunday.While not plugging the week’s lows at nearer $53,000, the latest dip to $54,425 on Bitstamp underscores Bitcoin’s correction after hitting all-time highs of $61,700.The weakness came in tandem with strength on U.S. bond yields, a classic drain on BTC performance. On-chain metrics showed broad strength, however, while derivatives funding rates also cooled, fueling bullish sentiment beyond spot price action.”Bitcoin will continue to rise and rise in the foreseable future — we don’t need charts or technical analysis to tell us what is painfully obivous,” trader Scott Melker forecast in a fresh YouTube update.BTC/USD (blue) vs. 10-year U.S. bond yields (orange) chart. Source: Tradingview”People are increasingly interested in buying Bitcoin as a hedge against central bank behavior and infinite money-printing, while at the same time, supply is rapidly exiting the market.””I bought more BTC at 56,500. Just in case anyone was wondering if I’m still bullish,” Galaxy Digital CEO Mike Novogratz added on the day in another example of investor optimism.At the time of writing, BTC/USD was …
Story continues on Cointelegraph

Related posts
Cameron WinklevossCointelegraph.comCryptocurrenciesCryptocurrency ExchangeGeminiWinklevoss twins

Gemini exchange’s crypto custody doubled since January, reaching $25B

Gemini Custody has quickly emerged as a leading platform for institutional investors. The Tyler and Cameron Winklevoss-owned Gemini exchange announced a major milestone on Tuesday, as total cryptocurrency held in custody surpassed $25 billion for the first time. In charting its…
bitcoin regulationCointelegraph.comGovernmentPoliticsregulationUnited States

Ohio senator wants clarity for crypto tax reporting in proposed bill

Senator Rob Portman said lawmakers were “still pulling in information” on crypto to formulate the bill, implying he announced it to the public prematurely. A Republican lawmaker from Ohio is preparing legislation that would reportedly be aimed at preventing U.S….
Binance CoinCointelegraph.comFTX TokenHuobi TokenMarketsOKExPrice analysis

Exchange tokens bounce from key support levels as COIN looks for direction

Bitcoin’s sharp correction to $50,000 brought Binance Coin, FTX Token, OKex and Huobi Token to their lower support levels but data shows there is still a bullish case for exchange tokens. A lot of hype was built up before the…

BTCNN is for sale

X