Bitcoin Weekly Outlook: Expect Downside Correction as Stimulus Enters Deadlock
A significant price rebound in the Bitcoin market last week is now at the risk of paring in the current one. The benchmark cryptocurrency has opened Monday in positive territory. As of 0516 UTC, it was trading for $11,405, up 16.27 percent from its recent bottom and down 8.62 percent from its year-to-date high. Resistance Everywhere Technically, Bitcoin’s strong upside move met an equally robust resistance at $11,500. The said level held the price from […]
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The flagship cryptocurrency broke north of $28,000 during the weekend session that helped it close the week 11.85 percent higher.
Bitcoin continues to stay inside an overbought territory that amounts to a further downside correction.
Some analysts claimed that it was a natural price correction, primarily after Bitcoin's consecutive gains of up to 119 percent in the previous four weeks.
In the short-term, supporting the upside outlook is the uncertainty led by a rising number of coronavirus infections in the US.
Amid the intense stimulus relief aid discussion, House Speaker Nancy Pelosi has set a deadline for the White House to come to an agreement on the next stimulus package which provides a second round of stimulus checks for Americans. Meanwhile, the Senate is set to vote on a smaller stimulus bill without direct payments this week. Deadline for Stimulus Negotiations Stimulus packages to help Americans cope with the coronavirus-driven economic crisis have been heavily discussed this week as U.S. lawmakers hope to approve new relief aid before the November presidential election. Six proposed....