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.
Bitcoin had a super-depressive weekend session as traders decided to secure the profits off its Coinbase-led market rally, but all is not lost for the flagship cryptocurrency yet. Bullish traders showed remarkable resistance against the declines in the BTC/USD exchange rates. In retrospect, the weekend crash came as a part of a broader downside correction […]