P95G Bitcoin Market Weekly Report — Week of 08/03/2020

BTC/USD hourly chart

The Bitcoin price had a strong rally last week. It went from $9,700 to $11,400 within 2 days. It then traded within a range for a few days before breaking the resistance and reaching as high as $12,097, which was up 23% for the week. The BTC price dipped to $10,548 due to profit taking and settled in a range. The current support is at $10,700.

The Bitcoin price is expected to trade within a range in the short term. If the buyers are holding on to their positions and more buyers are coming in, the market may test the $12,000 resistance again this week.

Review of the week:

Falling interest rates are tempting some Americans to forgo safety and pour their savings into assets such as stocks and bitcoin, a recently report from Bloomberg writes, a young American was planning to convert his high-yield savings (risk-free 2%) at Ally Bank into bitcoin. He thinks the future is one of long-term economic stagnation and low rates. With the background that nationwide lockdowns enacted to slow the spread of Covid-19 have cut consumer spending, and stimulus checks arrived for millions of Americans, people came to one thought that now isn’t a great time to hold onto money or cash. Pandemic is testing confidence in US currency and dollar sinks to two-year low in July.

Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice.

www.p95g.com

P95G:The management team consists of seasoned professionals who worked in the brokerage service industry, with a background ranging from equity and derivative trading to operations, asset management, and information technology. P95G provides services to financial institutions and individual investors in buying and selling cryptocurrencies, fiat currency (US dollar) and cryptocurrency transfers, and OTC (over-the-counter) trading in large amounts.

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