P95G BTC Market Weekly Report — Week of 12/07/2020
The Bitcoin price rebounded last week and reached US$19,956 but was unable to break above the US$20,000 resistance as mentioned in the previous report. The price retraced to around $18,500 and went sideways afterwards.
As the volatility has decreased, the market is looking for a direction at the moment. The current resistance is still at $20,000. The next move will be determined by the institutional buyers who have been accumulating Bitcoin in November. If they continue to buy and the traders are not ready to take profit, the BTC price may eventually break above $20,000. The current support is at $18,500. If the price suddenly drops below this level, it is a sign that the short sellers are entering new positions.
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.
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