P95G BTC Market Weekly Report — Week of 12/28/2020
The Bitcoin price had another strong rally after breaking above the US$24,000 resistance as mentioned last week. It broke to a new high above $25,000 and reached $28,244 yesterday. The market saw profit taking actions by the momentum traders, and dipped to $25,813 at one point, which is near the lower Keltner band.
Based on the most recent movement, the resistance is at $28,000, while the support is at $26,000. The institutions may continue to accumulate Bitcoin as their funds receive new subscriptions from their investors. The market may test a new high above $28,000 if the buying force can overcome the sellers who previously thought that BTC was overpriced.
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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