P95G BTC Market Weekly Report — Week of 12/14/2020
The Bitcoin price took a dive to $17,629 after failing to hold the $18,500 support. It then rebounded to $19,400 and settled at $19,100. The short-term support remains at $18,500, while the resistance is at $19,400.
Based on the movement in the past 2 weeks, the upward movement has lost its momentum, as the traders took profits on their long positions. The short-sellers took advantage of the lower volume to short BTC, while the institutional investors continue to accumulate Bitcoin on the dip. Such activities may go on this week, which leads the BTC price to go sideways, before the upward momentum picks up again.
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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