Bitcoin Weekly Outlook: Market Looks to Capitalize Wall Street Chaos

SkSLBJH6 980x568

Bitcoin prices finished the last week slightly higher despite a rebound in the US dollar. The flagship cryptocurrency ended 2.63 percent higher on the Coinbase exchange for the week. Meanwhile, the new weekly session began on a positive outlook. Bitcoin was up 1.47 percent, trading slightly above its short-term support level of the 20-day exponential moving average of $33,461. With no big events in view for the next five days, the cryptocurrency anticipates trading on emotions led by long-term fundamentals and short-term technicals. Except there is just one catch: the ongoing chaos on Wall Street. Bullish Dollar, Conflicted Bitcoin The last two weeks saw day traders mobilizing other day traders to purchase several stocks, mostly notably GameStop and AMC Entertainment, that were heavily shorted by rich hedge funds in the US. The retail-led, revenge-buying frenzy led large investment firms to close their bearish positions at heavy losses. That helped the…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE