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The most popular digital coin, Bitcoin is still firm on Monday notwithstanding a recent rebound from $6,500.
On Sunday, Bitcoin rallied by 0.26% after Saturday’s 0.19% leap to conclude the trading day at $6,447.9. Moreover, the weekend’s profits left the number one crypto asset with a 0.68% dive for the week.
While the final outcome turned out to be a relatively moderate one for Bitcoin, but recent days have certainly brought volatility pickup, with Sunday facing some relatively huge fluctuations, in contrast with the millpond moves in October.
Following a quite range bound morning session, a broad based crypto market sell-off definitely weighed. As a result, Bitcoin headed south through the first key support mark of $6,407.23 as well as the second major support one at $6,383.37 reaching an intraday minimum of $6,357.8 before rebounding to $6,400 levels.
The rebound to the sub-$6,400 level showed up on the back of the ongoing rebound in Bitcoin Cash ahead of another hard fork.
In addition to this, there has been another story, with some of the key digital coins demonstrating considerable profits for the last week. As a matter of fact, Ripple’s XRP rallied by 8.5% amongst the front runners, while Bitcoin Cash stood in red territory, diving by 6.38% from the previous week’s leap.
On Monday, Bitcoin managed to ascend by 0.11% hitting $6,455. Bitcoin was moving to a morning maximum of $6,481 before rebounding to a morning minimum of $6,444.4.
For the day ahead, a rebound through the morning maximum as well as a break through the first key resistance mark of $6,485.93 would definitely back a run at $6,500 before any rebound, although Bitcoin won’t require making a move in the earlier part of the day to back a rebound to $6,500.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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