P95G BTC Market Weekly Report — Week of 12/21/2020
The Bitcoin price extended its sideway movement earlier last week, and suddenly started the strong upward trend after breaking the US$19,400 resistance. The sharp rise was mainly driven by institutions that resumed their buying spree after slowing down the pace for 2 weeks.
The current resistance is at $24,000, while the support is at $22,500. The upward momentum has slowed down, indicating the profit taking actions by the short-term traders. If the institutional investors continue buying on a daily basis, the market would see support whenever the BTC price has a dip near the lower Keltner band. The long term holders need to observe if such buying activities continue and watch the support level in case it is breached.
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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