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  • $Gold trying to build a base off of that 1725 level - one minute chart so super small sample size. but that bearish run was aggressive $GC $GLD https://t.co/USjAU0lcig https://t.co/uubVG4Jpe2
  • Now up 40 handles from the $SPX's stalled break down. Looks like we are in for yet another interesting, intraday volatility day
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  • - There’s No Fundamental Justification For A Tightening Of Nominal Bond Yields At The Long End - Governing Council Should Instruct Board At March 11 Meeting To Fight Unwarranted Tightening Of Financing Conditions
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  • Another brutal day for gold as it breaks beneath prior February lows Read more - https://www.dailyfx.com/forex/market_alert/2021/02/25/Gold-Price-Plummets-as-Treasury-Yields-Soar-Where-to-Next-for-Gold.html?ref-author=phanks&QPID=917701&CHID=9 $GLD $XAU https://t.co/5qpaELXVLz
  • $Gold sell-off getting nasty just started to test 38.2 of the 18-20 major move ~1725 $GC $GLD https://t.co/1cb3hjRAR2 https://t.co/nXy6gomZU0
  • Gold printed a fresh eight-month low earlier in today’s session and the precious metal looks set to fall further if US Treasury yields resume their multi-month rally. Get your $XAUUSD market update from @nickcawley1 here:https://t.co/I4RpWM0mEY https://t.co/OrtbLLncuK
  • $Silver not able to escape this rates move, testing tl support. not quite as bearish looking as $gold https://t.co/XnW51WNiBd
Bitcoin Forecast: BTC/USD Battle Between Bulls and Bears Persists

Bitcoin Forecast: BTC/USD Battle Between Bulls and Bears Persists

Tammy Da Costa, Markets Writer

Bitcoin (BTC/USD) Outlook:

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Can Bitcoin Bulls Hold On?

Bitcoin continues to maintain the upward trajectory that has prevailed since March 2020, buoyed by US Dollar weakness and global economic conditions. Although the recent rally has seen an increase in the demand for Bitcoin and other major cryptocurrencies, the sustainability of the bullish trend is being questioned after prices reached an all-time high on December 1, 2020, resulting in BTC/USD surging over 160% in the year-to-date.

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While fundamentals may play a role in determining the next big move, with US stimulus talks and concerns surrounding loose monetary policy weighing on investor sentiment, trading psychology will likely be an additional driver of price action, with many fearing the reoccurrence of 2017’s events, when the ‘Bitcoin bubble’ eventually burst.

Bitcoin Price Action Seeks Direction

After reaching an all-time high of $19,861, the momentum of the uptrend subsided, pushing price action into a confluent zone, between the Fibonacci retracement levels (between September 2020 and December 2020) which continue to hold as support and resistance. On the daily time-frame, price action remains within the parameters of the Bollinger Bands, while the Relative Strength Index (RSI) hovers around 60.

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Bitcoin (BTC/USD) Daily Chart

Bitcoin Daily Chart

Chart prepared by Tammy Da Costa, IG

Evening Star Formation may Hold Bulls at Bay

Meanwhile, the formation of an Evening Star on the two-hour chart suggests that a bearish reversal is probable, but as long as the uptrend remains intact a bullish continuation cannot be ruled out.

Bitcoin (BTC/USD) 2-Hour Chart

Bitcoin 2 Hour Chart

Chart prepared by Tammy Da Costa, IG

For now, the 20-period Moving Average (the central line used in Bollinger Bands) continues to provide support at $18,636. A break below this level could see the 23.6% retracement level coming into play as support at $17,515.64. However, if bulls are able to maintain control, the December high may once again be tested, as well as resistance at the key psychological level of $20,000.

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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