Bitcoin touched a new all-time high on Monday, briefly surpassing the prior peak of $19,783. Buoyed by a weakening US Dollar, talks of further stimulus and loose monetary policy, the largest cryptocurrency by market cap has thrived in the 2020 market environment. Bolstered by investors who believe cryptocurrency is the eventual replacement to the current fiat system, BTC/USD has climbed more than 160% in the year-to-date.
BITCOIN (BTC/USD) PRICE CHART: DAILY TIME FRAME (NOVEMBER 2017 - DECEMBER 2020)
With believers abound and yield-hungry traders searching for gains in a low interest rate world, the case can be made for a continuation of the Bitcoin rally. Furthermore, the technical landscape might also offer signs of encouragement beyond the recent high.