Crypto News

Potential Bitcoin Rally To $20,000 Will Depend On U.S. Dollar Performance This Week

  • Bitcoin entered Monday’s trading session moving between losses and gains on its neutral weekly outlook. The benchmark cryptocurrency was trading at $19,115.54 early in the morning, which was down 0.27 percent into the European session.
  • The leading cryptocurrency also slipped as investors’ focus shifted to Pfizer-BioNTech’s Covid-19 vaccine approval in the US and the UK. However, losses appeared limited due to a weakening U.S. dollar.
  • The week ahead presents challenges for the U.S. dollar, with the Federal Reserve scheduled to conclude its December policy meeting on Wednesday, followed by the release of November U.S. retail sales and the December U.S. Market Manufacturing PMI Flash data.
  • Analysts estimate that statistics would point to a decelerating economy against a haunting coronavirus outlook in the U.S.
  • This is good news for Bitcoin, whose bullish outlook derives from the prospects of a weaker greenback. More bullish calls come on hopes of the second coronavirus stimulus bill.
  • The Democrats and the Republicans initiated a bipartisan effort to introduce a $908 billion relief plan. If escalated, the package would increase the U.S. dollar’s bearish bias.
  • A pseudonymous trader stated that he expects Bitcoin to hit $20,000 given the macroeconomic conditions around it.
  • Read the full story here.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments
Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

Related Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...

Featured Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...