• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Monday, October 2, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Bitcoin Weekly Outlook: Bulls Break Loose ahead of FOMC Minutes

4 January 2021
in Bitcoin
Reading Time: 4 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



Bitcoin exploded above $34,000 for the first time on Sunday, prolonging a record-shattering rally that yielded more than a 300 percent gain in 2020.

Early evidence provided by Ki Young Ju, CEO of the blockchain analytics firm CryptoQuant pointed out that institutional investors purchased about $1 billion worth of Bitcoin via over-the-counter deals. His claim took cues from a so-called Coinbase Pro Outflow indicator that shows the total number of Bitcoin getting transferred to the exchange’s cold wallets for custody.

As Mr. Ju claimed, the wallets back the Coinbase’s OTC services that allow institutional investors to purchase large Bitcoin amounts without influencing the spot market.

Another insane Coinbase outflow. 35k BTC. Institutions FOMO buying https://t.co/8pEBgTd9Jl

— Ki Young Ju 주기영 (@ki_young_ju) January 2, 2021

Meanwhile, more bullish evidence flew from traditional markets. A recent survey conducted by the American Association of Individual Investors showed that about 55 percent of investors continue to remain bullish on riskier assets in 2021. That is due to an absence of high-yielding alternatives in cash and cash-based markets.

Bulls expect ultralow interest rates to continue supporting government bonds. Yields on them have fallen to near all-time lows. Meanwhile, the Federal Reserve’s accommodative fiscal policies, coupled with the US government’s relentless spending to aid Americans through the coronavirus-induced recession, has pressured the US dollar lower.

All and all, “There Is No Alternative” for investors but to pour their capital into riskier markets such as stocks, gold, and—indeed—Bitcoin.

FOMC Minutes

The Bitcoin’s gravity-defying move towards $35,000 also came ahead of the Federal Open Market Committee’s (FOMC) minutes of their December 2020 meeting.

The Federal Reserve Chairman Jerome Powell said after their two-day meeting last month that they would continue buying bonds until the US labor market recovers from its dangerously high levels. This week, the minutes from that meeting would shed more light on the central bank’s strategy.

FOMC, US Dollar Index, DXY, US Dollar

US Dollar Index expects to continue its downtrend. Source: DXY on TradingView.com

As usual, more dovish tones would keep the US dollar on its path downward, especially when it has already fallen by more than 12 percent against a basket of foreign currencies from its mid-March top. Conclusively, institutional investors have raised their bids for Bitcoin after listening to its anti-inflation, anti-fiat narrative for years.

“Many in policy/market-circles see the Bitcoin rally simply as a speculative bubble,” stated Mohammad A El-Erian, the chief economic advisor at Allianz.

“This shouldn’t obfuscate diverse reasons–liquidity, debasement, and inflation concerns; risk mitigation, institutional mistrust–bringing together a varied set of holders for speculators to pile on,” he added.

Bitcoin Technical Outlook

Away from its optimistic fundamentals, Bitcoin’s technical bias is turning more and more bearish due to its overheated rally.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin RSI hits its highest level to date. Source: BTCUSD on TradingView.com

At this point, the cryptocurrency is screaming for a downside correction or an overextended consolidation move to neutralize its overbought levels, as confirmed by its weekly Relative Strength Indicator (RSI). Fractal-wise, Bitcoin’s previous flirt with RSI’s top levels had ended up in an 80 percent-plus price crash.

Related articles

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

2 October 2023
Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

29 September 2023

But many analysts believe that Bitcoin won’t crash this time. However, it may——end up correcting lower by 30-40 percent, only to create an ideal accumulation set up for institutional investors.

[crypto-donation-box]
Cryptohopper
ADVERTISEMENT

WILL -30% BITCOIN CORRECTION COME??

YES!!

The parabola can end today!!

If parabola continues for 1 more month we will be at $70,000 before we correct

— Ivan on Tech (@IvanOnTech) January 2, 2021

Overall, Bitcoin’s outlook this week wobbles between euphoric fundamentals and alarming technicals. The cryptocurrency could see a correction towards $30,000 to neutralize its overbought scenario. It may bounce back again to achieve another all-time high in the latter half of the week after the FOMC minutes on Wednesday.

Disclaimer: The article above is not financial advice.





Source link

Tags: aheadBitcoinBreakBullsFOMCLooseMinutesoutlookWeekly
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 4th, 2021

Next Post

Ripple Price Analysis: XRP bulls battle with 10-day SMA, bumpy road ahead

Related Posts

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

10 Years In Prison: How Ross Ulbricht’s Silk Road Accelerated Bitcoin Adoption

2 October 2023
0

The founder of the darknet marketplace Silk Road which dealt exclusively with Bitcoin, Ross Ulbricht, recently announced that he had spent...

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

29 September 2023
0

The Bitcoin price has been gaining momentum and steadily rising back to a more bullish price position of $30,000. Despite...

Bitcoin Long-Term Metrics Point to a Different Scenario Than 2019 Fakeout: Top Analyst

Bitcoin Long-Term Metrics Point to a Different Scenario Than 2019 Fakeout: Top Analyst

29 September 2023
0

Bitcoin traders and enthusiasts have been eagerly anticipating the next significant move in the cryptocurrency market, with memories of the...

Public Miners Account for Just 28% – Is Decentralization in Jeopardy?”

Public Miners Account for Just 28% – Is Decentralization in Jeopardy?”

29 September 2023
0

In the world of Bitcoin mining, the concept of decentralization versus centralization has been a subject of ongoing debate.  Recent...

Bitcoin Recent Hiccup: Understanding The Invalid Block 

Bitcoin Recent Hiccup: Understanding The Invalid Block 

28 September 2023
0

Bitcoin miner Marathon Digital found itself in the spotlight when it inadvertently mined an invalid block at height 809478 on...

Load More
Next Post

Ripple Price Analysis: XRP bulls battle with 10-day SMA, bumpy road ahead

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Chainlink Unveils ‘Data Streams’ to Reduce Latency, Expands Decentralized Computing
  • Altcoins With The Most Potential Stellar (XLM), Solana (SOL) and Shiba Budz (BUDZ)
  • $ROE is set for 200% growth

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$28,317.004.35%
  • ethereumEthereum(ETH)$1,714.781.91%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$218.341.38%
  • rippleXRP(XRP)$0.520.68%
  • usd-coinUSDC(USDC)$1.000.04%
  • staked-etherLido Staked Ether(STETH)$1,715.232.03%
  • solanaSolana(SOL)$24.184.56%
  • cardanoCardano(ADA)$0.2663372.36%
  • dogecoinDogecoin(DOGE)$0.0632601.25%
  • tronTRON(TRX)$0.0889830.31%
  • ToncoinToncoin(TON)$2.03-1.50%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$4.210.48%
  • matic-networkPolygon(MATIC)$0.561.39%
  • litecoinLitecoin(LTC)$67.470.88%
  • bitcoin-cashBitcoin Cash(BCH)$253.597.53%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,330.004.29%
  • shiba-inuShiba Inu(SHIB)$0.0000070.73%
  • chainlinkChainlink(LINK)$7.78-2.50%
  • daiDai(DAI)$1.00-0.03%
  • uniswapUniswap(UNI)$4.570.62%
  • true-usdTrueUSD(TUSD)$1.000.21%
  • leo-tokenLEO Token(LEO)$3.68-0.06%
  • avalanche-2Avalanche(AVAX)$9.600.02%
  • stellarStellar(XLM)$0.1134900.62%
  • moneroMonero(XMR)$148.130.92%
  • okbOKB(OKB)$43.380.03%
  • ethereum-classicEthereum Classic(ETC)$16.601.11%
  • binance-usdBUSD(BUSD)$1.000.11%
  • cosmosCosmos Hub(ATOM)$7.401.21%
  • hedera-hashgraphHedera(HBAR)$0.0511331.51%
  • filecoinFilecoin(FIL)$3.400.87%
  • lido-daoLido DAO(LDO)$1.63-2.04%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • internet-computerInternet Computer(ICP)$3.21-1.14%
  • MantleMantle(MNT)$0.4204345.98%
  • crypto-com-chainCronos(CRO)$0.0513950.69%
  • makerMaker(MKR)$1,482.68-3.41%
  • AptosAptos(APT)$5.550.05%
  • quant-networkQuant(QNT)$89.89-0.21%
  • vechainVeChain(VET)$0.0174241.09%
  • ArbitrumArbitrum(ARB)$0.972.47%
  • optimismOptimism(OP)$1.443.72%
  • nearNEAR Protocol(NEAR)$1.14-0.57%
  • KaspaKaspa(KAS)$0.050595-0.81%
  • aaveAave(AAVE)$69.530.84%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,859.342.03%
  • BSCEXBSCEX(BSCX)$237.190.34%