For Yearn.finance (YFI), the focus is again on Bitcoin (BTC), the leading cryptocurrency. With the increase in BTC, YFI faced an intense selling pressure.
YFI and blue chip DeFi projects have made huge gains in the past few days. YFI alone rose from a low of $ 7,500 to a high of $ 18,000 in about a week.
Other altcoins have also followed in the footsteps of YFI, seeing some gains. This situation created a catalyst effect for the rejuvenation of the DeFi industry.
After the current rise of Bitcoin took place, it continued its horizontal trade in the $ 15,000 region. Investors also began to shift their attention to higher-risk assets from BTC, so other altcoins such as YFI were also able to make a profit.
Today, however, things have turned around and many DeFi investors are back to Bitcoin and the increasing selling pressure on altoins has caused BTC to rebound and the rest of the cryptocurrency market to decline.
At the time of writing, Yearn.finance is trading at $ 15,460. Analyzes indicate that the selling pressure in the crypto currency will increase, albeit temporarily.
We have once again seen how important the resistance in the $ 18,000 zone is for YFI.
While Bitcoin breaking above $ 16,000 directs investors to the reference crypto currency one by one, it is a matter of wonder what will happen next. Until Bitcoin stabilizes again, that is, it enters a consolidation phase again, the likelihood of relatively smaller cryptocurrencies facing selling pressure in this way is quite strong.
Bitcoin’s price movements will likely have a significant impact on Yearn.finance and other DeFi tokens. If Bitcoin stabilizes again, this continuation will be extremely important to DeFi projects.