Bitcoin Weekly Outlook: A $20K Retest Likely as Dollar Hits 2018 Low

[Jentot]

Bitcoin Weekly Outlook: A $20K Retest Likely as Dollar Hits 2018 Low

A remarkable rebound this weekend has put Bitcoin back en route to $20,000, its record high to date.

The flagship cryptocurrency still closed the week in red, down 1.28 percent on the whole. Many factors contributed to its decline, primarily profit-taking as its price logged a three-year high at $19,500. Meanwhile, rumors about US Treasury Secretay favoring regulations for private crypto wallets also accelerated the sell-off

But the weekend saw Bitcoin shrugging off a portion of those concerns. The cryptocurrency pushed itself higher after finding concrete support inside the $16,200-16,500 range. It was trading about 15 percent higher from its previous week’s low as of Monday, pointing to another attempt at breaking $19,500 and retest $20,000.

See more for yourself here