P95G BTC Market Weekly Report — Week of 12/21/2020

BTC/USD hourly chart

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.

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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Point95 Global

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World’s Leading Digital Asset Management Company

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