It floats a scent of 30,000 USD at the end of 2020. Bitcoin (BTC) is stabilizing at the level of 27,000 USD today, December 28, 2020. Give Caesar what is Caesar: Institutional investors likely disconnected from the markets on Christmas Day, so they can’t take the credit for the $ 25,000.
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2 major blocks: one in support, the other in resistance
Bitcoin bottomed at the $ 26,000 level yesterday, December 27, 2020, late overnight. The BTC climbed above $ 27,400 today. It is trading at $ 27,018 at the time of writing.
The BTC surpassed $ 28,000 on December 27, 2020, reaching a new ATH around $ 28,200 on many exchanges. It had then recorded a drop of 6.5% showing the existence of strong selling pressure at this level.
Can a brutal rejection still at this stage put the 20,000 USD at risk? According to analysts Whalemap, the BTC enjoys major supports in the $ 23,000 – $ 23,500 area.
Institutional investors are not alone
The CEO of Blockstream, Adam back, tweeted on Dec. 26, 2020, saying retail investors were behind the $ 25,000 cross on Christmas Day.
Institutional investors – who do not work on December 25 – are therefore not the only ones supporting the current bullish rally.
The hypothesis of a massive entry of new retail investors, as the price of BTC reached new ATH, will it be confirmed?
At the end of the year, the BTC could benefit from ratification by Donald trump the recovery plan for the US economy, an envelope of 700 billion euros that could in the short term do good for risky assets, and in the long term, harm the dollar for the greater good of Bitcoin.
The start of 2021 promises to be difficult for France with the possibility of a third confinement but also for Europe, which is consuming its divorce from Great Britain. Donald Trump could pull one last dollar-damaging measure out of his hat before his White House lease expires. This turbulence could shake the traditional financial markets but, be favorable to a Bitcoin which is already having a good end of the year 2020.
Litecoin, welcome in the Silver Age