Bitcoin to Rally as Weekly Candle Nears End

29 November 2020 | Updated: 29 November 2020

Bitcoin (BTC) has recorded a decent bullish uptick over the past 48 hours, as bulls aim at getting the bull rally back on track following the recent market-wide selloff.

Meanwhile, the next directional trend will be a key determinant considering that the close of the weekly candle is approaching swiftly. The point of closure for the weekly candle will likely set the tone for the coming week and provide insight into Bitcoin’s macro-outlook. That said, bulls have the task of maintaining the current uptrend until the close of the candle.

Moreover, there are still a few crucial levels to break before Bitcoin can see any further ascent. At the moment, BTC is trading close to the $18,500 ceiling. Its reaction to this level will provide insight into the cryptocurrency’s mid-term outlook.

In other news, Guggenheim Partners, one of the largest investment and advisory financial services firms, has taken a keen interest in BTC and plans on investing a huge amount in the cryptocurrency. According to a filing, the company plans on investing 10% of its net assets in BTC through Grayscale.

With Guggenheim purported to have about $5 billion in assets under management, a 10% net asset purchase translates to a whopping $500 million for the project.

If/when this purchase falls through, we could expect a sharp bullish rally in the Bitcoin in the ensuing days.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — November 29

Bitcoin has resumed on its bullish push, as trails its way up a minor trendline, leading to the original trendline. Our bias remains tilted to the bullish side, as more buyers come onboard considering the current supply of BTC circulating the market.

Meanwhile, our key resistance levels are at $18,500, $18,800, and $19,000. While our key support levels are at $17,635, $17,200, and $17,000.

Total market capital: $546 billion

Bitcoin market capital: $339 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.