Bitcoin is mounting a strong bounce from the weekend lows of $15,700. Just minutes ago, the leading cryptocurrency broke to $16,500 and passed it for the first time this year. At its local highs, BTC traded for $16,550.
While BTC trades slightly below those highs, it is positioned to move higher as it looks primed to flip $16,000 into support on a daily time frame.
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Bitcoin’s ongoing rally comes as the U.S. dollar has begun to show some weakness again. The U.S. Dollar Index has dropped around 20 basis points from the daily high as there are still some expectations of further monetary stimulus.
Why Bitcoin Could Move Even Higher
Analysts are confident Bitcoin will continue its ascent in the days ahead, citing both technical and fundamental factors. Here are a few:
First and foremost, Bitcoin’s technical case is strong as the consolidation ended above key support levels. John Bollinger, a long-time technical analyst commented on the cryptocurrency.
On Friday, Skybridge Capital filed an amendment with the SEC, allowing their $3.6 billion fund to start investing in Bitcoin.
— Kevin Rooke (@kerooke) November 16, 2020
Lastly, all markets are expected to continue higher on election certainty. After the three past U.S. presidential election, there was a net increase in the inflow of capital to the U.S. equity market, analysts have found.