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It has been able to push significantly higher from where it was trading just a couple of weeks ago, with buyers attempting to form a price floor within the lower-$13,000 region.
Despite the immense bullishness seen by both Bitcoin and Ethereum over the past week, it is important to note that capital has yet to rotate into higher-risk assets residing within the DeFi sector.
Until BTC proves to investors that its recent push higher is the start of a long-term trend shift, investors may continue being somewhat hesitant to throw money back into highly volatile DeFi assets like Yearn.finance’s YFI token.
One analyst is noting that YFI may be well-positioned to see some significant upside in the near-term.
He points to a strong market structure, noting that a move past $20,000 could be in the cards in the weeks ahead.
He also adds that Bitcoin must enter a consolidation phase for this upswing to occur.
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