Bitcoin coin continues to occupy the headlines based on the current bullish trend recorded by the currency, which made the leading digital currency achieve remarkable achievements not seen in its 12-year journey.
For example, Bitcoin’s price recently reached an all-time high of $ 61,700 although it has bounced back to $ 59,050 and then $ 57,000 at the time of writing this article, according to “CoinMarketCap”.
Cryptocurrency analyst Joseph Young revealed that Bitcoin shows great resilience despite unfriendly market forces, and he explained this by saying:
Bitcoin is once again working better than it should be.
Given the high 10-year Treasury yield and the market’s exposure to risk, Bitcoin has great resilience.
These sentiments echo with Mr. “Lex Moskovsky” CEO of “Moskovski Capital”, who revealed that the Bitcoin currency BTC is remarkably resilient despite the high treasury yield for 10 years.
Bitcoin has remained steady in its price even though US revenue has been at the highest levels since 2015.
Analyst Holger Schappitz explained:
The yield curve in the United States continues to decline.
Yield spread in US 2 / 10s jumps to 157 basis points, the highest level since 2015.
Usually, when Treasury revenues or the dollar or everything associated with that rise, Bitcoin falls on the basis that liquidity transfers from Bitcoin to these assets and interest shifts, but this time the matter is different.
Bitcoin is now worth more than a kilo of gold bars:
According to the “DocumentingBTC” account on Twitter, the current price of over $ 59,000 makes Bitcoin more valuable than one kilogram of gold bars.
This milestone was achieved thanks to investors and strong hands buying every dip, driving the bitcoin price up sharply since the fourth quarter of 2020.
Strong hands are the investors who buy bitcoin for long-term holding purposes, unlike speculators.
Implicit Bitcoin Volume Continues to Fall:
Analytics company “Skew” revealed that the implied size of the Bitcoin currency BTC showed a sharp decline, as it stated in its report that:
Bitcoin implicitly continues to decline, particularly at the short end of the curve.
The volatility implied is the market expectations or future prices of an asset.
As the implied volatility is reduced, the premium and fees on the buy options will become cheaper.
The lower implied volatility is considered to be bullish for Bitcoin, as the lower volatility is associated with the higher expected prices.
Recently, Deutsche Bank economist and Harvard economist Marion Laboury suggested that the next two to three years should be a turning point for Bitcoin.
She explained that both Bitcoin and Tesla have followed a similar path over the past year.
Referring to Tesla, she said that market sentiment towards the electric vehicle manufacturer has changed dramatically in the past 18 months, meaning that the refusal has turned into acceptance and profit.