Bitcoin hits record, USD is going weak again

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Bitcoin eyes $20,000

After the Thanksgiving slump which almost tested the $16,000 level, Bitcoin has steadily rallied back above the $19,000 level and has hit an all-time high as interest grows and macro arguments seem bulletproof in the short-term.  

Bitcoin and all the major altcoins are rallying strongly, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage.  Bitcoin rallied to an all-time high today and appears poised to take out the $20,000 level.

U.S. dollar

The euro attempted to test the 1.20 level as dollar weakness returned as investors begin to price in a Biden administration that will see coordinated monetary and fiscal efforts early next year. 

The euro held onto gains even after ECB President Lagarde noted that the EU fiscal package “shouldn’t be allowed to be delayed significantly.” 

The key is this week’s employment releases, which could make Congress deliver much-needed relief as many unemployment benefits and loan moratoriums expire soon. A weak nonfarm payroll release could weigh on the U.S. dollar.

What says you on the overall U.S. dollar short-term outlook?

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