Bitcoin Weekly Outlook: Time to Fall and Find a New Price Base

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Bitcoin underwent a considerable downside correction after [almost] hitting $16,000 on Friday last week. The plunge followed a massive upside rally that started amid the US presidential election season. Traders anticipated that a decisive political contest would pave the way for a long-pending second coronavirus relief bill. As a result, people will start shifting their capital from anti-risk currencies to ant-fiat assets. Bitcoin benefited from the global market sentiment as it acted as a hedge against the US dollar. The cryptocurrency’s bids surged as the greenback fell. And a confirmed victory for Joe Biden, the Democratic nominee who promised to expand government spending programs against the coronavirus pandemic, increased further prospects of a higher Bitcoin. This Week The US election results have come with their share of political drama. Incumbent President Donald Trump has filed lawsuits in his bid to contest election votes for Mr. Biden. It has brought some…

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