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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

November 16, 2020
It wasn’t too long ago that the weekend trading sessions provided all the action in Bitcoin. Now, it’s turning into a Monday to Friday market — maybe the institutional effect is taking Bitcoin up enough during the week, leaving the weekend bulls free to spend their time browsing Lamborghini showrooms?

Either way, the bullish trend has kicked off again today, with new 2020 highs printing at the time of writing.

Today, we also have news that another successful Covid-19 vaccine trial has been completed, accompanied by my new all-time favorite press release:

“We need more complete details than we have in this press release, but this announcement adds to the general feeling of optimism.”

Genius. It’s like they have summed up my daily report in a sentence….

So let’s see if I can deliver a dose.

Who remembers when BitMEX used to liquidate leveraged positions? If this rally was supported by bears liquidated out of short positions, therefore driving the price higher as they were forced out, you would see a big blue bar on the chart above. So far, nothing. This means the bulls are still accumulating Bitcoin and the bears are not using leverage to stop the rise in price — yet.

Today we will end the report with incomplete details, yet leave you with a general feeling of optimism.

Bitcoin will be trading at $318,000 come the end of 2021, according to this report from an employee of Citi Bank.

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