Bitcoin price hit a new yearly high of $16,000

Today Bitcoin price reached $16,000 level for the first time since January 2018 after the first attempt failed to make significant progress on Wednesday. However, a reversal occurred and price broke below the $15,800 support, forming what seems to be a potential double top on the 4-hour chart. Also Fear and Greed index currently reads 87, which may also indicate a potential decline in the short term.

Crypto market now is still in status of "Extreme Greed." Source: alternative.me

In the long-term many analysts' expect that projected President-elect Joe Biden's stance could have an influence on fiscal policy over the next four years, which could, in turn, affect inflation, against which bitcoin is touted as a hedge. Therefore many investors may want to take advantage of the potential correction to enter the market by buying the dip.

Bitcoin is now up 123% on a year-to-date basis and has gained nearly 50% so far this quarter. Today price briefly broke above $16 000 level, however buyers failed to uphold momentum and price pulled back forming a potential double top formation. In case of a break below the neckline at $14 341,38 the downward move may accelerate towards $13 000 support level. However if buyers will manage to regain control, then the upward move could be extended to the $20,000 resistance level. Source: xStation5

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