Can Bitcoin Break $20,000? BTC Price Analysis
On Dec 07, 2020
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Bitcoin price has gained significant upward momentum recently. Leading cryptocurrency has even reached a new ATH on most crypto exchanges. Right after the record, traders expected Bitcoin to break $ 20,000. However, the increasing selling pressure caused Bitcoin to encounter a correction. Bitcoin failed to surpass critical resistance levels. The price fluctuated between $ 16,000 and $ 19,000 over several days. For now, the primary concern of traders is whether Bitcoin can surpass the $ 20,000 psychological level or not. Bitcoin, on the other hand, continues to accelerate to the $ 19,500 level.
BTC Formed the Highest Weekly Close in History
Trying to recover, Bitcoin formed the highest weekly close in history earlier. The leading cryptocurrency has renewed its highest weekly closing record after breaking its monthly closing record in November 2020. According to the data, Bitcoin broke its highest weekly closing record for the last time in 2017.
Recently, there has been an increase in Bitcoin search volume on the internet. While Bitcoin has achieved this success, there are still some concerns that a fall will be imminent. Real Vision CEO and Bitcoin advocate Raoul Pal stated that a major Bitcoin correction is likely on the horizon, according to Tom Demark Sequential, an important time-based technical indicator.
Support and Resistance
Bitcoin price has seen a strong increase in recent weeks. Although the leading cryptocurrency is approaching an all-time high, it is still struggling to break through critical resistance levels. After several increases below $ 19,000, the Bitcoin price has increased steadily. For now, it has broken the $ 19,200 resistance. It is struggling to gain bullish momentum above $ 19,400 and $ 19,500. If Bitcoin fails to stay above the $ 19,150 support and the 100 hourly simple moving average, it could fall sharply. Initial support is near the $ 19,000 level. A proper close below the $ 19,000 could increase the pressure on the bulls. The next major support is near the $ 18,500 level, according to analysts.
At the moment, it is difficult to say whether the price of Bitcoin will see a downward correction or rise above the $ 20,000 level. According to CoinMarketCap, at the time of writing, BTC is trading around $19,228, up 1.06% in the last 24 hours. On the technical indicators, while $ 19,150 is the support level, $ 19,400, $ 19,500, and $ 19,800 are key resistances.
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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.