Bulls are keen to buy each Bitcoin price dip but is this enough to avoid repeat sell-offs at $19,500?
For the second day in a row, Bitcoin bulls have attacked the $19,500 level in an attempt to flip the crucial level from resistance to support.
Each attempt to overcome the resistance is has been rejected near $19,550 but Bitcoin’s swift recovery from the Dec. 14 drop to $19,050 shows that investors remain interested in buying every significant dip.
At the moment, the general consensus among traders is that flipping $19,500 to support will open the door to a new all-time high at or above $20,000. According to Cointelegraph contributor Micheal van de Poppe:
Van de Poppe further explained that the current bearish convergence on the daily timeframe is not confirmed and he stressed the if Bitcoin price fails to reclaim $19,500 as strong support the likely outcome is that the price will drop to $18,500 where traders will look for a better entry.
Even as Bitcoin struggles to hold onto $19,500, the daily chart shows the price continuing to make daily higher lows. Since recovering from the Dec. 11 drop to $17,586. BTC has also made daily higher highs which is a further signal that the digital asset is in a strong uptrend.
While Bitcoin price attempts to trade in a new range, a handful of altcoins pushed higher with double-digit rallies.
Elrond price surged 28% during the day and is currently up 115% in the past two weeks. SushiSwap’s governance token, Sushi, also rallied 9.84% to $2.80 and is up 44% over the past 4 days.
Bancor was the most notable gainer of the day as it secured a 34.5% rally to $1.70 on the news of the Coinbase Pro listing that took place today.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $566.6 billion and Bitcoin’s dominance rate is 63.6%.
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