Bitcoin traded at a high as $11,198.32 Tuesday which is an 11-month high after surging earlier this week. It’s up 51% in 2020, nearly double the gains in gold, which generated enthusiasm in traditional markets this week when it rose to a record intraday high.

American investment bank and financial services company Goldman Sachs warned on Tuesday that the U.S. dollar is at risk of losing its status as the world’s reserve currency. Goldman Sachs’ strategists wrote: “Real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge.”

“The resulting expanded balance sheets and vast money creation spurs debasement fears,” they described, adding that this creates “a greater likelihood that at some time in the future, after economic activity has normalized, there will be incentives for central banks and governments to allow inflation to drift higher to reduce the accumulated debt burden.”

Other factors that affect the greenback are the increased political uncertainty and growing concerns of another corona virus infection spike.

Billionaire investor-Galaxy Digital CEO Michael Novogratz said on Tuesday that bitcoin and gold have more room to grow and will continue to rise due to global “liquidity pump,” afforded by governments’ stimulus packages, coupled with an influx of retail investors.

He added that “The liquidity story isn’t going to go away. We’re going to get a big stimulus,” “it doesn’t look like the Federal Reserve is going to raise rates.” He also pointed out that “Bitcoin still has a lot of retail interest in it.”

BTC/USD 4 Hour Chart:

Support: 10922.5 (S1), 10650.8 (S2), 10470.5 (S3).

Resistance: 11374.5 (R1), 11554.8 (R2), 11826.5 (R3).

Amid all the catalysts making BTC value to surge, we expect a bullish trend for BTC/USD in a long-term view.