Bitcoin Weekly Outlook: India Ban Scare, FOMC Meeting in Focus

Key Bitcoin Takeaways
Bitcoin slipped on Monday after logging a record high above $61,000 during the weekend session.
Fears of a crypto ban in India and recovering US dollar and bond yields pressured the cryptocurrency.
More clues about the market bias to come from this week’s Federal Open Market Committee’s meeting.
Bitcoin fell more than 0.5 percent on Monday after a rebound in US Treasury yields, and the US dollar index manipulated traders’ short-term appetite for the cryptocurrency.
The spot BTC/USD exchange rate was down 0.6 percent to $58,617.32 per unit at 0643 GMT. The pair’s decline surfaced as an extension to a sell-off that started after establishing an all-time high of $61,788 during the weekend session, almost double the year’s opening rate. Some traders decided to take profits, causing the bitcoin price to plunge to as low as $58,400 on Monday.
Bitcoin holds support above $58,000. Source: BTCUSD on
Dollar Affect
So it seems, a reversal in both the US dollar index and US yields took the shine off Bitcoin. The ticker DXY was up 0.16 percent to 91.84 on the day, while the yield on the 10-year US Treasury note surged to its 12-month high of 1.646 percent. It was 0.918 percent at the beginning of this year.
Neil Jones, head of FX sales at Mizuho, told Reuters that he thinks the dollar’s upbeat outlook is temporary, given the devaluation risks arising from the US government’s massive stimulus packages and the Federal Reserve’s expansionary tactics to support the US economy …
Story continues on Bitcoinist

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