• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
Advertisement

Bitcoin Weekly Outlook: Time to Fall and Find a New Price Base

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement

Bitcoin underwent a considerable downside correction after [almost] hitting $16,000 on Friday last week.

The plunge followed a massive upside rally that started amid the US presidential election season. Traders anticipated that a decisive political contest would pave the way for a long-pending second coronavirus relief bill. As a result, people will start shifting their capital from anti-risk currencies to ant-fiat assets.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Bitcoin benefited from the global market sentiment as it acted as a hedge against the US dollar. The cryptocurrency’s bids surged as the greenback fell. And a confirmed victory for Joe Biden, the Democratic nominee who promised to expand government spending programs against the coronavirus pandemic, increased further prospects of a higher Bitcoin.

This Week

The US election results have come with their share of political drama. Incumbent President Donald Trump has filed lawsuits in his bid to contest election votes for Mr. Biden. It has brought some uncertainty into the financial markets as states tally more votes in the days ahead.

Meanwhile, the Senate contest in Georgia is also looking to head for a runoff. Experts note that the final result won’t arrive until early January. They also think that Republicans will retain the majority in the Senate House. It would mean delays for Mr. Biden in passing the spending bills that he promised in his election campaign.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

For Bitcoin traders, it is now the matter of when not if. The rising number of coronavirus cases in the US has raised the possibility of a second relief package. No politician can ignore the American public as their states enter partial or full lockdowns like in the European countries. Ultimately, a package will arrive.

If Trump wins, less lockdowns, economy improves, #Bitcoin wins

If Biden wins, stimulus & increased government spending causes rising prices, #Bitcoin wins

If Jorgensen wins, smaller govt, more freedom, #Bitcoin wins

If Pierce wins we have a Bitcoiner President, #Bitcoin wins

— Bruce Fenton (@brucefenton) November 3, 2020

The waiting is the only bullish exercise an average Bitcoin trader can do.

Meanwhile, those with a restless, short-term risk appetite would prefer selling their positions at the current higher levels. Against a lower buying demand in the absence of concrete interim fundamentals, the Bitcoin price can, therefore, descend to find a new support base.

Bitcoin Outlook, Explained

Between Monday and Wednesday, there are no influential market events this week. On Thursday and Friday, however, the market can expect some volatility as authorities release Consumer Price Index, Initial Jobless Claims, and Consumer Sentiment reports concerning the US economy.

Meanwhile, the Federal Reserve will keep interest rates near-zero, and the stimulus will remain at an impasse. That leaves Bitcoin traders with ample reasons to secure their short-term profits in cash.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin shows signs of correction after almost hitting $16,000. Source: BTCUSD on TradingView.com

The fundamentals fit the technical bias. Bitcoin continues to stay inside an overbought territory that amounts to a further downside correction. Should that happen, the BTC/USD exchange rate is looking at the $13,500-$14,500 area to offer support. Any extended fall below the range would bring the $10,500-support in view.

Bitcoin is 113 percent up on a year-to-date timeframe.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

18 hours ago
Bitcoin Derivatives Markets Volumes Show Bullish Trend After 2022 Downturn

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

2 days ago
Bitcoin

Sri Lanka Central Bank Says Bitcoin Cannot Solve Economic Crisis

2 days ago
tulip mania bitcoin

Celebrating The Tulip Mania Anniversary With Bitcoin & Crypto

3 days ago
Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

3 days ago
Bitcoin

Why Bitcoin Is Among ‘Hottest Subjects’ On Earth, According To ‘Rich Dad’ R. Kiyosaki

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Drama As Polygon, Solana Continue Struggle For Top-10; Big...

    9 mins ago
  • Who Will Dethrone Ethereum, Solana or Fantom? Big Eyes Coin...

    14 hours ago
  • Twitter Users Roast Mark Wahlberg’s Documentary On FTX...

    14 hours ago
  • Crypto Is Here to Stay. Here’s Why You Should Invest...

    22 hours ago
  • Dogecoin (DOGE) and Shiba Inu (SHIB) Bounce While Snowfall...

    22 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.