Bitcoin (BTC) takes time to make the remaining miles before the $ 20,000. Plan assets face the possibility of mass vaccination next month. Bitcoin can still count on the dollar to attempt another $ 19,000 attack today, November 23, 2020.
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A 2nd breakthrough still unsuccessful for BTC
Bitcoin dipped below $ 18,000 yesterday, November 22, 2020, before quickly climbing back above $ 18,600.
The BTC then fell back to today’s level of $ 18,090, before hitting $ 18,800. The BTC got rejected and fell to the $ 18,200 level before rebounding.
It is trading at $ 18,392 as of this writing. Bitcoin is drawing a doji, after closing with a red daily candlestick yesterday.
Despite falling below yesterday’s $ 18,000, there is still selling pressure near $ 19,000.
The BTC attacked unsuccessfully for the 2nd time at this level in less than a week. Could the next attempt be the right one – it would then logically be followed by an impulse towards USD 20,000 ?
The dollar protects Bitcoin
The reassuring news about the situation in United States, with a possible mass vaccination scheduled for in 1 month, shakes up the coverage assets.
Does this exogenous factor explain the fact that the BTC be stuck in the $ 18,000 – $ 19,000 zone right now?
The dollar – which however is far from being a hedging asset when we know that the US Federal Reserve loves to mumuse with the printing press – did not appreciate the prospect of a return to normalcy in the economy.
The greenback lost points today, while Bitcoin attacked for the second time the 19,000 USD.
The drop below $ 18,000 yesterday, and the 2-fold releases to the $ 19,000 level, should pose strong support for Bitcoin once it climbs to the $ 20,000 level. BTC must now go the last few miles despite an unfavorable environment for hedging assets. Bitcoin can still count on the support of institutional investors and the devaluation of the dollar for a final blow of the pump that would lead it to new ATHs.
Litecoin, welcome in the Silver Age