Bitcoin’s Weekly Performance Depends On The US Dollar This Week

Bitcoin’s weekly performance depends on the US dollar this week as the number one cryptocurrency was unstable into the start of the weekly trading sessions since it moved between losses and gains on the charts that we are about to see more about in today’s bitcoin news.

The number one cryptocurrency was trading at $19,115.54 which marks a 0.27 percent drop into the EU sessions. For starters, the intraday losses appeared as a part of the profit-taking move by the traders following Bitcoin’s 7-percent rally over the weekend. In the meantime, the cryptocurrency slipped as the investors focused on the upcoming COVID-19 Vaccine that is already approved in the UK and US. The successful cure for the pandemic raised more hopes of a faster economic recovery and the Asian and the European stocks, as a result, opened in positive sentiment. The US stocks futures reported gains as well.

Bitcoin’s losses however seemed limited due to the weakening US dollar since it was trading lower against other foreign currencies, which only shows how the vaccine news didn’t lift the cash sentiment. The upcoming week presents many challenges for the dollar with the Federal Reserve scheduled to conclude the December policy meeting on Wednesday which was followed by the release of the November US retail sales with the US market manufacturing PMI flash data.
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Analysts think that the statistics will only show a decelerating economy against the COVID-19 virus pandemic outlook in the states. In the meantime, the FED will keep its rates near zero and its bond-buying program intact, and the unemployment and inflation forecasts. Bitcoin’s bullish outlook took a lot of its influence from the prospects of the weakening US dollar. As of now, the cryptocurrency gravitates in the bear territory because of the vaccine news but there’s a strong chance that investors will focus on crypto and will return to rising inflation forecasts.

Bitcoin’s weekly performance depends on the USD now as most bullish calls for BTC come on the hopes of the second coronavirus stimulus bill. One trader even stated that he expects BTC to hit $20,000 given the macroeconomic conditions around it. He increased the spot exposure as the price closed above $19,100 noting that the momentum above it is looking good:

 “Expecting 3rd test of 20k in today or tomorrow’s US session.”