(DAILY NOTION): BTC/USD – The BTC/USD Bulls Roared Loud, Will the Power Remain? Next Mover: U.S. Coronavirus Relief Package Finalisation

In the early hours of Dec 17, the Bitcoin bulls surged with power and gloriously broke through the $20,000 to hit the current day high of $21,823.77.

Analysts had predicted yesterday the $20,511 level should be watched, as it is the topside channel trendline. A break past that level could potentially lead to more upside momentum. At time of writing, the BTC/USD price is at $21,759.95 and the Relative Strength Index (RSI) is at 76, signaling an overbought condition.

The US Dollar Index took a hit and hit a two-and-half-year lows during the press conference with Jerome Powell, the Federal Reserve Chairman.

The next market mover would be the outcome on the Congress Relief Package debate. Would a deal be finalized today?

Overall, the downtrend of the U.S. Dollar Index would be good news for BTC/USD. As a dovish sentiment is picked up from the outcome of the Federal Open Market Committee (FOMC) meeting, this is not good news for the U.S. Dollar Index.

However, this could very well be the fuel to power the trend of more financial institutions adding Bitcoin to their portfolio. Recent survey from Bank of America showed that buying bitcoin is the third-most-famous trade among asset managers.

BTC/USD (as of Dec 17, 2020, 10.20 a.m. GMT +8) - $21,759.95

(Additional update at 4.45 p.m.)

FOLLOWME Overall User Sentiment (as of Dec 17, 2020 at 4.44 p.m.)

As shown above, the overall sentiment of FOLLOWME trader leans towards short-selling with a ratio of 86.57%, while the rest of 13.43% is in long position.