(DAILY NOTION): BTC/USD – Breaks Past $28,000 Level, Is There Anything Stopping the Bulls? Next Mover: New Covid-19 Strain

Source: Yahoo Finance

The BTC/USD bulls seem unstoppable over the Christmas weekend as the price has surged past the $28,000 mark. The bulls made history when it broke past the $25,000 level earlier and with this new milestone achieved, the bulls seem to be unstoppable.

Or are they?

Analysts predict that further sell-off is on the cards as indicated by the evening star candlestick pattern, consisting of a white candlestick, a Doji candle, and a red candle, that has appeared on a 12-hour chart.

Analysts also expect that $27,000 to be the first correction target. A breach of this level could trigger further sell-off to $25,500.

The Relative Strength Index (RSI) at time of writing is at 66, reaching an overbought condition.

With the Brexit deal finalised and President Trump signing off on the Coronavirus Relief bill, this could herald a risk-on sentiment within the market, drawing traders away from cryptocurrencies.

A next market mover would be how fast the new Covid-19 strain spreads. The race between the spread of the new Covid-19 strain and the vaccine has been watched by many.

Should the new Covid-19 strain spread faster than the vaccine, this could spark off a risk-off sentiment in the markets.

BTC/USD (as of Dec 28, 2020, 10.35 a.m. GMT +8) - $26,867.77

FOLLOWME User Sentiment (as of Dec 28, 2020 at 10.27 a.m.)

Short – 76.29%

Long – 23.71%