Bitcoin (BTC) has still not reached its current ATH. The bulls must cross once again another area of resistance at a few hundred dollars of the $ 20,000. BTC made inroads below $ 19,000 today, November 25, 2020. These drops are not necessarily negative, however.
And one last, one more!
Bitcoin fell back to $ 18,670 today, before climbing back above $ 19,400.
The BTC got used to it again – the first rejection around this level having taken place yesterday, November 24, 2020 – and fell again below $ 19,000, before rebounding. Bitcoin Trading at $ 19,082 as of this writing.
The bulls are finally facing one last area of resistance before the $ 20,000. They need to break through the $ 19,400 – $ 19,500 in order to finally hit new ATHs.
Data from Glassnode show that the number of whales has reached an all-time high over 4 years while the price of Bitcoin is approaching his current ATH. The number of addresses with at least 1,000 BTC exceeded the 2,000 unit mark.
These figures confirm once again a bullish rally supported by institutional investors, by large wallets.
We consolidate the 19,000 USD
Bitcoin could close with a doji today, showing an overall undecided market after yesterday’s push and, a few hundred dollars to hit new ATH.
Markets continue to clean up, with forays below $ 19,000. These falls consolidate this level as support before the BTC does not hit new all-time highs.
A 3rd attempt to sustainably cross $ 19,400 – $ 19,500 could very well be unsuccessful or successful.
The 20,000 USD for this week remains more than ever possible. Strong sell pressure near or at the $ 20,000 level is likely, forming support at the $ 19,000 level would prevent a steep fall. The whales continue to push BTC, despite the impatience of some traders who do not hesitate to liquidate their positions even at a few hundred dollars of new ATH. Rejection, fall, consolidation and finally impulse: we are used to it, a routine which remains valid even in periods of parabolic rise.
Litecoin, welcome in the Silver Age