The price of Bitcoin (BTC) is struggling to break past $51,000 on March 8 as the U.S. Treasury yield is rising again while the U.S. Dollar Index (DXY) is at the highest levels in over three months. The global stock market, including equities in the U.S. and Asia, have pulled back in tandem as the Senate’s stimulus approval sparked inflation fears. BTC (orange) vs. DXY (green) vs. Treasury yield (blue). Source: Tradingview Why is Bitcoin dropping off of inflation fears As Welt market analyst, Holger Zschaepitz, explained, the bond market…
Day: March 8, 2021
Bitcoin Turns Attractive Above $50K, Why BTC Extend Its Rally
Bitcoin price gained bullish momentum above the $50,000 resistance against the US Dollar. BTC traded towards $52,000 and it remains supported for more upsides. Bitcoin started a fresh increase above the $50,000 and $50,500 resistance levels. The price is now trading well above $50,000 and the 100 hourly simple moving average. There is a key rising channel forming with support at $50,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct a few points, but the bulls are likely to protect $50,000 and…