BTC/USD Forex Signal: More Weakness Ahead of Rebound

did well during the Christmas season. In the past few days, the coin’s price jumped to a multi-week high of above 51,000.

This rally happened as sentiment in the financial market improved as the Santa Claus rally got underway. In addition to Bitcoin, stocks also jumped, with the S&P 500 index rising to an all-time high on Monday. The BTC/USD pair then made a sharp reversal in the overnight session as investors took profit considering that the price was up by about 22% from its lowest level this month. The decline also happened after Bitcoin managed to form a small double-top pattern.has jumped by more than 100% this year and by more than 1,075% from the lowest level in 2020. The coin has gone mainstream as many retail and institutional investors have bought it.

This growth is mostly because of the actions of the Federal Reserve. In a bid to protect and supercharge the economy, the Fed decided to slash interest rates to zero. It also launched a major quantitative easing program that led added more than $4 trillion to its balance sheet. Now, there are concerns about the new tone of the Fed. The bank has committed to increase the size of its asset tapering to $30 billion and to end the purchases altogether in March next year. It will also implement at least three rate hikes, which could affect the BTC/USD pair.A closer look shows that this reversal happened after the pair made a small double-top pattern. It has now moved slightly below the chin of this pattern at around 49,500..

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