Nothing new for Bitcoin (BTC) which continues to move back and forth across the USD 18,000. Bulls and bears continue to do their jobs in the markets, with BTC potentially returning to the upside before the end of 2020.
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The bottom: are we there?
Bitcoin again surged below $ 18,000 today, December 11, 2020. It fell below $ 17,600 on some exchanges. The BTC then rose again and is trading at $ 18,093 as of this writing.
The bulls have had a tough week, with selling pressure from miners, whales, and possibly institutional investors.
Analysts generally agree that the $ 19,000 is a sell zone for investors, who liquidate open positions there at lower levels for profit.
A correction would therefore be healthy for the market. Analysts now expect this correction to have bottomed out and the BTC gradually resume its upward path during these last weeks of December 2020.
Bullish, bearish: two sides of the same market
The price of Bitcoin is pulled in recent days on both sides of the $ 18,000 with bullish institutional investors but, retail investors who now appear to be bearish.
The daily RSI (14) of Bitcoin is 51, while the monthly and weekly RSI (14) are 69 and 72, respectively.
Bulls continue to control the markets for relatively long periods of time, as the price of BTC is in a neutral zone on a daily basis.
The BTC It may not reach $ 20,000 by the end of 2020, but it can still count on institutional support. MicroStrategy has just raised 650 million dollars to invest entirely in Bitcoin.
Massive Bitcoin purchases by MicroStrategy could put the bulls back in control of the markets on a daily basis. The week was exhausting for the bulls, however we start the weekend without too much damage. Good weather after the storm? Is the correction complete? Can Bitcoin really get back on its way to 19,000 USD in the coming days? We are reassured as best we can, but the threat of 16,000 USD still weighs.
Litecoin, welcome in the Silver Age