Bitcoin hits 2-week high, breaking last big resistance before $20K

Bitcoin hitting its highest level since the start of December reignites the quest to crack $20,000 resistance.

Bitcoin (BTC) hit its highest levels in two weeks on Dec. 15 as fresh bullish action took the largest cryptocurrency to nearly $20,000.

Cryptocurrency market overview from Coin360.

Highest BTC price since Dec. 1

Data from Cointelegraph Markets, TradingView and Coin360 show BTC/USD hitting $19,760 during trading on Wednesday.

BTC/USD 3-day chart. Source: TradingView

The move reverses the bearish sentiment that characterized the market as recently as Tuesday. After failing to crack resistance between $19,500 and $20,000 since the start of the month, Bitcoin saw lows of $17,550 before reversing upwards.

This week, the reemergence of buyer support intensified, with Bitcoin showing a clear desire to quash the major seller wall at $20,000 once and for all.

As Cointelegraph noted, beyond $20,000, little is in the way for Bitcoin as it hits uncharted territory, with only minor selling planned at higher levels, data shows.

BTC/USD buy and sell levels on Binance as of Dec. 15. Source: TensorCharts

“#Bitcoin breaking above the resistance zone, which is close to a new all-time high. Bullish!” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers about the latest movements.

“However, you’d want this red zone at $19,400–19,500 to become support. If that happens, price can continue towards $20,500–21,000.”

Quantitative analyst PlanB meanwhile suggested that reports of the United States agreeing on a $900 billion coronavirus stimulus package was contributing to Bitcoin’s gains.

At press time, Bitcoin circled $19,700 as volatility remained heightened on short timeframes. Stock markets were also up on the day.

Learn more

Be the first to comment

Leave a Reply