Price Rate of BTC


Several central banks have resorted to unprecedented monetary expansion and aggressive rate cuts to support their respective economies badgered by the coronavirus pandemic. Record liquidity has resulted in sharp rallies in the S&P 500, gold, and Bitcoin (BTC), which suggests that investors are plowing money into assets of their choice.

While gold is way below its all-time high set in August, both the S&P 500 and Bitcoin are near their all-time high.

The last five trading days of the year and the first two of the next year have historically been bullish for the S&P 500, dubbed as the “Santa Rally.” It will be interesting to see whether Bitcoin continues its Santa rally into 2021 with the arrival of institutional investors.

Another interesting thing to note is that Bitcoin has rallied from a low at $10,377.10 in October to a high at $28,419.94 in December, a 173.87% rally in three months. Although the sentiment is bullish and the institutional inflows are accelerating, every bull market witnesses strong corrections and Bitcoin is unlikely to be an exception.

Traders should protect their paper profits and not get carried away with greed because corrections after vertical rallies can be ruthless. Let’s study the charts of the top-10 cryptocurrencies to determine the overhead levels that may act as a strong resistance that can trigger a correction.


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