This Week in Crypto: A Breakout Materializes after Weeks of Consolidation

Bitcoin Retakes $20,000 After weeks of consolidation and rangebound movement, the value of Bitcoin (BTC-USD) has finally jumped past the $20,000 psychological resistance level. Over the last seven sessions, BTC registered around 8.5% in gains. The current rally in the price of BTC is attributed to several factors, including a short squeeze that has helped propel the value higher. BTC's recent gains triggered a wave of short liquidations. On top of that, the sudden rise in U.S. equities and a declining U.S. dollar also played vital roles in pushing BTC's value past the critical resistance point.