Bitcoin Weekly Outlook: Expect Mild Corrections Ahead of Holiday Period

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At 22.49 percent higher, Bitcoin logged its best week since April 2019. The benchmark cryptocurrency ascended to its lifetime record level of $24,300, up 22. as traders assessed its growing prominence as an emerging safe-haven alternative among institutional investors. The sentimental shift towards Bitcoin occurred as some of the most traditional hedging assets reflected a medium-term bearish outlook. That included the US dollar. Last Week Factors including Brexit optimism, the coronavirus vaccine rollout, the US Federal Reserve’s dovish outlook, and hopes for a new US stimulus bill continued to pressure the greenback lower. Mirroring its weakness, the US dollar index, which tracks the dollar’s performance against a basket of foreign currencies, slipped below 90 for the first time since April 2018. Many traders raised their bids for Bitcoin while anticipating that the dollar’s value would decrease further in the medium-term. They treat the cryptocurrency as an anti-fiat asset, given its…

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