This past weekend, BTC started a downside correction from well above $16,200 and dipped below $16K. The cryptocurrency extended its decline and eventually formed lows of $15,700.
The BTC price is now mounting a strong bounce from the weekend lows as the U.S. dollar begins to show weakness again. The Dollar Index has dropped around 20 basis points from the daily high as investors anticipate further monetary stimulus.
A few hours ago, the king coin spiked to $16,500 for the first time this year. The BTC price even rallied above the 50% Fib retracement level and hit new local highs of $16,550.
As of this article’s writing, the BTCUSD pair trades slightly above those highs at its price of $16.604. The world’s leading digital asset now looks primed to flip $16,000 into support and move higher on a daily time frame.
BTCUSD Chart By TradingView
BTC Price Could Rally Even Higher
Analysts remain optimistic that BTC will continue its ascent despite the downward-sloping price action seen over the weekend.
Trader Crypto UB shared his bullish sentiment on Twitter, projecting that the flagship crypto could move to new year-to-date highs if it manages to close above $16,150. He added that highs are looking ripe for the taking if the coin pushes to fresh trend highs at $16,600 and beyond.
Similarly, John Bollinger pointed to Bitcoin’s show of strength, demonstrated by the asset’s consolidation ending above crucial support levels. The long-time technical analyst commented:
“Looks like I was wrong about the chance of a correction, all we got was a bit of consolidation and then back to the races. $btcusd Broken setups like this are signs of strength.”
The long-term trend of BTC also remains positive, according to Tyler Winklevoss, CEO of Gemini. The Bitcoin billionaire believes that the massive money printing by governments as Covid-19 lockdowns ravage the global economy will result in a rally in the price of gold and Bitcoin.
Another fundamental trend that favors long-term growth for BTC is increasing institutional support. Skybridge Capital, a $3.6 billion fund, is the latest institutional player to show interest in the digital assets class. The company has reportedly filed an amendment with the SEC to allow them to invest in Bitcoin.
SUSHI Price Posts 200% Rebound
Trolled DeFi project SushiSwap (SUSHI) that earned itself the tag of “exit scam” in early September is now seeing a new wave of capital injection.
The SUSHI price plummeted by almost 96% since allegations that the project’s founder, “Chef Nomi,” liquidated his holdings and dumped the DEX protocol onto its community.
However, fears of an exit scam are now over. The SUSHI token has surged by as much as 200% since Nov. 5 to trade at $1.36 during press time.