Bitcoin Week in Review: Bears Attack Key Support, But Irresponsible Monetary Policy May Bolster Macro Outlook

As we draw near the end of 2019, the events surrounding Bitcoin on a weekly basis are growing increasingly important, as how BTC trades within the next couple of weeks could set the tone for where it trends in the first part of the new year. Over the past week, buyers on major cryptocurrency trading platforms like BitMEX sparked fleeting rallies that resulted in BTC forming massive wicks on its candle chart.

Over the past several days and weeks, Bitcoin’s buyers have been ardently defending the crypto’s key support level at $7,000. The coming couple of weeks will likely prove to be crucial for determining which direction Bitcoin and the aggregated crypto markets will head as the first part of 2020 kicks off.

Timeline of Bitcoin