• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin Weekly Outlook: Expect Bull Rally to Resume on Poor Labor Data

January 11, 2021
in Bitcoin
Reading Time: 3min read
Bitcoin Weekly Outlook: Expect Bull Rally to Resume on Poor Labor Data




Bitcoin opened lower this week as prospects of an orderly transition of power in Washington and a spike in US Treasury yields hammered the cryptocurrency’s overextended rally.

The BTC/USD exchange rate slumped by up to 12.67 percent on Monday, logging an intraday low of $33,333. Some analysts claimed that it was a natural price correction, primarily after Bitcoin’s consecutive gains of up to 119 percent in the previous four weeks. They noted the price would resume its uptrend again.

Vijay Boyapati, the author of “the Bullish Case for Bitcoin,” reminded a correction of up to 30-40 percent after a wild upside rally was natural during the 2017 bull run. Retailers bought every dip to push the Bitcoin price higher. But in 2020, institutional players have replaced the retailers, which has translated into volatile bullish moves with minimal corrections.

“In the current bull market demand seems to appear after corrections between 15-20 percent,” explained Mr. Boyapati. “This is probably indicative of a difference in buyers: retail (2017) vs institutional (today).”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin corrections appear limited in the ongoing bull run, noted Vijay Boyapati. Source: BTCUSD on TradingView.com

In retrospect, traders have also started dumping Bitcoin because the Federal Reserve’s policy is pushing 10-year Treasury noted and 30-year Treasury bonds higher. So it appears, they are securing their profits by selling the cryptocurrency near its record high levels to put them instead into bonds to earn a yield.

But…

That doesn’t signify an all-and-all dumping behavior. Traders are also beware of the Fed’s commitment to pushing inflation rates above 2 percent in the coming years. Meanwhile, the chance of additional government fiscal stimulus also provides them enough reasons to purchase Bitcoin back as their safety net.

And the possibilities are—indeed—higher after Friday’s employment report.

It showed that the US economy lost jobs for the first time in eight months in December amid rising coronavirus infection rates. The President-elect Joe Biden has earlier committed that he will prioritize fiscal support via unemployment insurance and rent forbearance in his presidency’s first days.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin’s correction coincides with a pullback in the US dollar index. Source: DXY on TradingView.com

That could push the US dollar lower—and Bitcoin higher. The package is due on Thursday.

Fed Speaks, Bitcoin Peaks

The Fed chairman Jerome Powell expects to offer further insights about the US economy’s health after the latest labor report this Thursday. The market notes he would keep the interest rates on hold near-zero through at least 2023. Meanwhile, his office would keep buying government and sovereign bonds that could end up turning the benchmark yield below 1 percent.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin forms solid weekly support near $33,000 following the early week’s plunge. Source: BTCUSD on TradingView.com

Mr. Powell earlier admitted that the Fed’s expansionary policy would continue until they achieve “maximum employment.” Unfortunately, last week’s report tells a different story, so continuous support would tend to resume Bitcoin on its path upwards.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BitcoinbullDataExpectLaborOutlookPoorrallyResumeWeekly
Next Post
‘100k Bitcoin Top Is CONSERVATIVE!’ ETHEREUM HOLDERS BEWARE! Pierre Rochard SHARES 2021 PREDICTIONS!

‘100k Bitcoin Top Is CONSERVATIVE!’ ETHEREUM HOLDERS BEWARE! Pierre Rochard SHARES 2021 PREDICTIONS!

Ripple XRP DOOMSDAY!!! Massive 20-30% Drop Coming For Bitcoin!

Ripple XRP DOOMSDAY!!! Massive 20-30% Drop Coming For Bitcoin!

Don't Miss

BUY AND SELL BITCOIN ON PAYPAL CONFIRMED | ETHEREUM BEAST MODE | Crypto News 2020
Cryptocurrency Videos

BUY AND SELL BITCOIN ON PAYPAL CONFIRMED | ETHEREUM BEAST MODE | Crypto News 2020

by Lascena Cryptocurrency News Education
February 27, 2021
0

Today in crypto, the Paypal rumor about buying and selling Bitcoin was real, Ethereum beast mode, and BTC adoption! 👀...

Read more
XRP Ripple News: PREPARE NOW! This Will Be MASSIVE!!!

XRP Ripple News: PREPARE NOW! This Will Be MASSIVE!!!

February 27, 2021
BREAKING: A Large Amount of the Bitcoin Supply HAS JUST BEEN BOUGHT by MicroStrategy Incorporated!!

BREAKING: A Large Amount of the Bitcoin Supply HAS JUST BEEN BOUGHT by MicroStrategy Incorporated!!

February 27, 2021
How To Mine Nervos CKB | No More GPU Mining – FPGA Mining Tutorial & Staking

How To Mine Nervos CKB | No More GPU Mining – FPGA Mining Tutorial & Staking

February 27, 2021
Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

February 27, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$46,967.00-1.88%
  • ethereumEthereum(ETH)$1,475.61-4.57%
  • cardanoCardano(ADA)$1.3913.95%
  • tetherTether(USDT)$1.00-0.05%
  • Binance CoinBinance Coin(BNB)$226.07-4.20%
  • PolkadotPolkadot(DOT)$35.056.68%
  • rippleXRP(XRP)$0.445079-0.24%
  • litecoinLitecoin(LTC)$173.44-3.15%
  • chainlinkChainlink(LINK)$25.88-2.60%
  • stellarStellar(XLM)$0.44183911.25%