Reasons Behind Why BTC Continues to Reject $20K
On Dec 02, 2020
Although Bitcoin (BTC) finally managed to break its all-time high, the digital asset strongly rejecting around $ 20,000. Now, analysts are discussing where BTC will go next. There are short-term forecasts for the leading cryptocurrency that show both a bearish or a bullish trend.
Bitcoin (BTC) price encountered high volatility on December 1. The leading cryptocurrency fell around $ 1,600 after reaching an all-time high. Data from TradingView shows that the BTC / USD pair has unveiled the most unpredictable movements in a long time.
More recently, an attempt to exceed $ 20,000 led to an immediate retreat. The return to around $ 19,000 accelerated the decline. The price of the leading cryptocurrency is changing every minute. At the time of writing, the BTC / USD pair is moving in a limited range, roughly between $ 18,500 and $ 19,500.
There are several predictions as to which direction the Bitcoin price will go in the near term. The first is that the leading cryptocurrency has completely exceeded $ 20,000, breaking a historical record. Another is the consolidation in the range of 18,000 – 19,000, followed by a rapid rise.
Sales Pressure From Whales and Miners
When Bitcoin price officially surpassed all-time highs on Coinbase, it caused market sentiment to rise immensely. Soon after, whales and miners started selling Bitcoin. This situation caused liquidations in major stock markets.
CryptoQuant CEO Ki Young Ju announced on November 30 that whale withdrawals were slowing.
“I called short-term bearish based on miner-selling, whale activeness on exchanges, and no whale withdrawals. But I knew enough exchange stablecoin reserves would break $20k by this year. If ATH rejection happens, it could be a huge pullback as whales would sell BTC heavily.”
The combination of a positive high-time market structure and positive on-chain data has increased sentiment on Bitcoin in the long run. In the near term, the $ 18,200, $ 17,700, and $ 16,200 levels have been identified as key support levels for Bitcoin.
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