Bitcoin Pulls Back, but Falling Oil and Yields Could Help

The Bitcoin price failed to break out once again and suffered a dip on Tuesday, pulling back 3.5% - equivalent to around $3,000. Oil rose slightly, but could not shake off the current downtrend. The U.S. 10-year bond yield is still very high at 5.3%, but the indications are it may be starting to roll over and soften back to 5% in the short to medium term. WTI Crude Oil is at a critical juncture. On Tuesday the price fell through the bottom of the ascending channel formation, but managed to recover by the end of the day.

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