Bitcoin Weekly Outlook: Expect Choppy Trades Near $16,000

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The past weeks saw a string of Bitcoin analysts calling for a bull run towards $16,000, a level that it last tested in January 2017 during a corrective downtrend from its record high near $20,000. The cryptocurrency breached $16,000 on November 11, 2020. Some traders sold-off their positions near the level, causing Bitcoin to correct below it. Nevertheless, any attempt to dump the price below $15,000 met with huge buying demand from traders with a medium- to long-term risk appetite. Hence, Bitcoin reclaimed $16,000 all over again. Traders have refused to give up the level ever since. It appears like newfound support that could propel the Bitcoin price further higher. In the short-term, supporting the upside outlook is the uncertainty led by a rising number of coronavirus infections in the US. Coronavirus in Focus People anticipate the government to reimpose strict social distancing measures that conflict with businesses that rely…

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