We stay above 16,000 USD and we are already preparing for the next push to new heights.
Bitcoin (BTC) now faces a resistance zone between $ 16,300 – $ 16,400. Nothing difficult but, the BTC has to repeat it more than twice to be able to cross it sustainably.
Institutional investors continue to support BTC: nothing seems to be able to stop the current rally towards USD 20,000.
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Soon more than 12 days above 16,300 USD?
Bitcoin climbed above $ 16,400 today, November 13, 2020, before falling back and landing at the $ 16,010 level.
The bulls were able to defend this newly won level, the BTC climbed back above $ 16,200 thereafter. It is trading at $ 16,291 as of this writing.
The BTC Has traded above $ 16,300 for only 12 days since inception. The next $ 16,300 attack – will $ 16,400 be the right one – towards a sustainable consolidation above this zone ?
Most analysts agree that there is little resistance between the $ 16,000 and the $ 20,000. It remains to be seen whether the markets will validate this attractive theory.
Bitcoin Nor is it immune from a correction that may drop it below $ 16,000 in the short term.
24 hours of Bitcoin for Grayscale
The director of Grayscale Investments, Michael Sonnenshein, tweeted the company’s $ 115 million acquisition of Bitcoin from other financial institutions in the space of a day, November 12, 2020.
CEO and founder of Grayscale, Barry silbert, had previously reported that the company had more than $ 7 million in Bitcoin and other cryptocurrencies. Silbert had indicated that Grayscale held around 2% of Ethers (ETH) in circulation.
Institutionals continue to play the bulls’ game. The announcement by PayPal the upcoming launch of its crypto services in October 2020, was enough to allow Bitcoin to begin a bullish rally that has brought it to its current level.
Will Donald Trump’s appeals to contest the results of the US presidential elections work in favor of the dollar and in favor of Bitcoin? Beyond this negative correlation with the greenback which boosts the BTC bulls, Bitcoin can count on institutions to clear the way towards the 20,000 USD: nothing like the support of long-term whales to ensure its catch in a rise to new ATH.
Litecoin, welcome in the Silver Age