Bitcoin has done exceedingly well in its first major crisis. It has outperformed gold, US equities and crude oil by a wide margin in 2020. This is likely to grab the attention of institutional investors who want to diversify their portfolio away from traditional assets. Even if a few institutional players allocate a small portion of their portfolio to Bitcoin, the crypto market is likely to skyrocket higher.
The Chicago Mercantile Exchange, or CME, data suggests that institutional investors might have already started building their positions in Bitcoin. The number of large open interest holders rose to 66, which is a new record. Similarly, Bitcoin futures and Bitcoin options open interest hit a new high recently. These suggest that the institutions are actively trading in Bitcoin derivatives.

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Bitcoin’s chart shows that the trend is up. However, the bulls are finding it difficult to propel the price above the $10,000 level. This suggests that the bears are aggressively defending this level.
After repeated failures to clear this level, the short-term traders are likely to book profits that can drag the price to the next support at the 20-day EMA. The RSI has also formed bearish divergence, which suggests a pullback might be around the corner. Nevertheless, as the trend is up, dips should be viewed as buying opportunities. Traders can wait for the price to rebound off the 20-day EMA before initiating long positions.
The first target objective is a move back to $10,000 and if that is cleared, a rally to $10,500 is also possible. This level is again likely to act as a strong hurdle but if crossed, it will signal the start of a long-term uptrend.
The first signs of a change in trend will be signalled when the bears sink the BTC to USD pair below the support line of the ascending channel. If this support cracks, a drop to $8,100 is likely.
Lastly please check out the advancement’s happening in the crypto currency world.
Enjoy the issue!

MAJOR CRYPTO NEWS HIGHLIGHTS IN THIS WEEK’S WEEKLY