By Hidayat Sultanli
On Dec 01, 2020
The long-awaited moment has come true. On November 30, Bitcoin’s price soared to $ 19,864 and BTC finally hits an all-time high.
Thus, Bitcoin has added a new one to the records it broke in 2020 year. The leading cryptocurrency, which has been rising since yesterday, finally broke a previous all-time high, which was set during the famous bull run of 2017.
In past weeks, Bitcoin gained a continued strong momentum. First, it reached $ 17,000 and $ 18,000, and then $ 19,000, and this was so close to a record. Immediately afterward, crypto enthusiasts were very alarmed by Bitcoin’s short-term correction. The leading cryptocurrency dropped to $ 16,000, losing more than $ 3,000 in value. Bitcoin, which started to rise again this week, has reached its goal. Bitcoin’s (BTC) price has finally hit an all-time high. The leading digital asset surpassing $ 19,750 and reaching an all-time high caused great excitement in the cryptocurrency community.
According to CoinMarketCap data, Bitcoin is trading around $ 19,428 at the time of writing.
Bitcoin price appears to be targeting an all-time high above the $ 20,000 resistance, according to renowned analyst Aayush Jindal. There is a key contract triangle with resistance near $ 19,800 on the hourly chart of the BTC / USD pair. If there is triangle resistance and a clear break above $ 19,860, the price could initiate a strong increase in the coming sessions. In the case mentioned, the bulls could target an all-time high above the $ 20,000 level.
If Bitcoin fails to clear the triangle resistance at $ 19,800, there could be a short-term downside correction. The first support on the downside is near the triangle bottom trend line at $ 19,400. A clear break below the triangle support could initiate a broad decline towards $ 19,200, according to analysts. The next major support below the $ 19,200 level is near the $ 18,800 level (multitouch zone).
2020 has sparked increased interest from the traditional financial market in cryptocurrencies, especially Bitcoin (BTC). Experts say more and more investors and corporate companies are looking at bitcoin as a hedge against inflation, especially due to the impact of Covid-19 on the economy. Important names in the financial world, from Paul Tudor Jones to Stanley Druckenmiller, have announced their investments in Bitcoin. Also, companies such as MicroStrategy and Square have chosen the largest cryptocurrency as a reserve asset. A few days ago, Guggenheim Partners, with $ 270 billion in assets under management, took an important step towards investing in bitcoin through their macro opportunity fund.
Although it is not clear for now which direction the price will go, it is believed that increased investor interest will boost the price.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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