Bitcoin is mounting a strong bounce from the weekend lows of $15,700 as it broke to $16,500 and passed it for the first time this year. At its local highs, BTC traded for $16,550.
Bitcoin’s ongoing rally comes as the U.S. dollar has begun to show some weakness again, dropping around 20 basis points from the daily high as there are still some expectations of further monetary stimulus.
Analysts are confident Bitcoin will continue its ascent in the days ahead, citing both technical and fundamental factors. First and foremost, Bitcoin’s technical case is strong as the consolidation ended above key support levels.
Secondly, the leading cryptocurrency is continuing to see increasing signs of institutional support with it recently being revealed that Skybridge Capital, the $3.6 billion fund launched by Anthony Scaramucci, is looking to invest in Bitcoin.
Lastly, all markets are expected to continue higher on election certainty. After the three past U.S. presidential elections, there was a net increase in the inflow of capital to the U.S. equity market.
Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.