Source: Yahoo Finance
BTC/USD has triumphantly broken past a key resistance of $23,600 and on Dec 19, it has surpassed a new high of $24,000.
The Moving Average Convergence Divergence (MACD) is showing bullish signs, and analyst predict that a breach of the $30,000 psychological barrier is possible.
However, there are also analysts who opine that the overbought condition signaled by the Relative Strength Index (RSI) could lead to a pull back to $20,000, spurred by an overextension of the rally.
Next market mover would be the Brexit deal. As one hurdle has been cleared with an agreement on the U.S. stimulus package, traders would most likely be watching the outcome of the Brexit negotiations which would then set the risk sentiment tone of the market.
The ‘Santa Rally’ which typically leads to an upsurge in the market during the final five trading sessions of the year until the first two trading days of the year could also prop up BTC/USD.
Many analysts had also pointed out the similarities between the present rally to the one in 2017 where BTC/USD spiked up all the way to $20,000 before Christmas. Unfortunately, the 2017 rally ended in a big sell-off, with Bitcoin losing close to 70% of its value.
However, analysts also pointed out that a major difference this time is the number of financial institutions adding Bitcoin into their portfolio and could provide support to the market if needed.
Only time will tell and it looks set to be an interesting week for BTC/USD.
BTC/USD (as of Dec 21, 2020, 10.24 a.m. GMT +8) - $23,728. 28
FOLLOWME User Sentiment (as of Dec 21, 2020 at 10.27 a.m.)
The overall sentiment of FOLLOWME traders shows a total of 78.51% is leaning towards short selling, while 21.49% leans towards a long position.
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