Bitcoin wobbled between gains and losses on Wednesday as traders measured on-chain sell-off signals against the drop in the benchmark bond yields.
The flagship cryptocurrency surged around 0.5 percent to $34,335 ahead of the New York opening bell. It was trading at $35,233 on Coinbase exchange at its intraday high, pointing to bullish attempts to log another bull run towards $40,000.
Bitcoin feels bearish sentiment under $35,000. Source: BTCUSD on TradingView.com Bitcoin feels bearish sentiment under $35,000. Source: BTCUSD on TradingView.com
Fundamentals supported a choppy outlook in the cryptocurrency market.
Benchmark Bond Yield Trims Lower
The yield on the US 10-year Treasury note dropped after rising seven days in a row. Its gains appeared amid an auction of new bonds that attracted strong demand from dealers (not investors). They scooped up the majority of $38 billion worth of new government debt, covering 20 percent of the securities. Yields fall as the bond prices rise.
Strong demand at an