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Bitcoin Weekly Outlook: Crucial Support Promises $60,000-Breakout

Key Bitcoin Takeaways
Bitcoin prices edged lower during the weekend session amid choppy sentiment.
The cryptocurrency remained resilient to aggressive bullish moves against a firmer US dollar and Treasury yields.
Nevertheless, it holds above crucial technical support, eyeing a breakout above $60,000.
Bitcoin underwent a minor sell-off during the weekend session but held above a historically crucial technical support, keeping hopes of posting extended bullish moves alive as it headed into a new weekly session.
The flagship cryptocurrency opened in positive territory on Monday, rising by a modest 0.48 percent ahead of the London opening bell. Its upside move appeared as the price repeatedly bounced off its 20-day exponential moving average. The wave held Bitcoin’s upside bias throughout the weekend and served as support at this week’s beginning.
Bitcoin eyes a bounce towards $60,000. Source: BTCUSD on TradingView.com
The SLR Effect
Bitcoin shrugged off a significant week prior as the Federal Reserve, Bank of England, and Bank of Japan declared their interest rate decisions and monetary policy guidance. The 10-year US Treasury yield stayed on its upward trajectory as the Fed signaled zero-intervention.
Bitcoin likely stayed cautious due to the Fed’s decision to let the capital rule expire on March 31. The so-called Supplement Leverage Ratio (SLR) is a capital policy that requires US banks to hold a minimum of 5 percent capital of their net assets. Last April, the Fed had excused Treasuries and reserves from banks. It enabled them to purchase Treasuries.
Therefore, with the central bank allowing the …
Story continues on Bitcoinist

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