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.
Data from Cointelegraph Markets, TradingView and Coin360 show BTC/USD hitting $19,760 during trading on Wednesday.
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.
“#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
The Tulip Prize [1] was awarded yesterday to François Villeroy de Galhau for a speech…
Senator Elizabeth Warren, supported by other senators, today introduced a bill titled the “Digital Asset…
President Volodymyr Zelensky today signed the “virtual assets” law adopted by the Ukrainian parliament on…
Joe Biden today signed an executive order asking the federal government to assess the risks…
After the implementation of the Ethereum blockchain in the consensus Proof-of-Stake model called “Beacon Chain”,…
It hung in the face of investors, this correction. And if the movements of Bitcoin…
Leave a Comment