Bitcoin Weekly Outlook: Expect Downside Correction as Stimulus Enters Deadlock

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A significant price rebound in the Bitcoin market last week is now at the risk of paring in the current one. The benchmark cryptocurrency has opened Monday in positive territory. As of 0516 UTC, it was trading for $11,405, up 16.27 percent from its recent bottom and down 8.62 percent from its year-to-date high. Bitcoin logged 7.72 percent gains in a five-day winning streak ending Sunday. Source: TradingView.com Resistance Everywhere Technically, Bitcoin’s strong upside move met an equally robust resistance at $11,500. The said level held the price from jumping any further, as it had done on July 27 and on some days of August 2019. It is because of the fading impact of the catalysts that started the Bitcoin pump in the first place. Last week, news of Square, a global payments firm headed by pro-Bitcoin Twitter chief Jack Dorsey, purchasing about $50 million worth of BTC fueled the…

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