Cryptocurrencies

Bitcoin (BTC) on November 29, 2020 – Bullish trap or real feat? – Cryptocurrencies

Bitcoin (BTC) on October 30, 2020

Can Bitcoin (BTC) close November 2020 around $ 19,000? BTC has yet to absorb the huge red November 26, 2020 candlestick but, it is on track. A new institutional investor could soon push the price of Bitcoin well beyond $ 20,000. Traders, however, continue to fear another crash; Bitcoin’s rise above $ 18,000 today, November 29, 2020, may well be a bull trap, i.e. an upside trap.

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BTC bulls heal quickly

Bitcoin climbed back above $ 18,000 today. The BTC attacked $ 18,250 before falling back to its current level. Bitcoin is trading at $ 18,080 at the time of writing.

The BTC now needs to consolidate above $ 18,000 and break through the next major resistance zone around $ 18,600, to be able to close November 2020 at levels near $ 19,000 – With only one day left, a monthly close above $ 18,000 would already be a feat after the thanksgiving crash.

A new institutional investor could soon give a big boost to the price of BTC.

According to a document filed with the SEC on November 27, 2020, the investment and advisory firm Guggenheim Partners, would plan to invest 10% of the equity in his Macro Opportunities Fund in shares of Grayscale Bitcoin Trust. Guggenheim Partners manages around 270 billion assets.

A new ATH for tomorrow

Unless another crash leading to the BTC below $ 13,791 by tomorrow, the BTC is expected to record a new ATH in monthly closing price during this November 2020.

Traders remain cautious and are still considering the possibility of a drop below the crash floor of November 26, 2020 for now.

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Analysts are not ruling out the possibility of big volatility in early December 2020 after this week’s big correction.

BTC is expected to register its highest monthly close soon. The bulls were not wasting their time, they recovered the price of BTC in just 3 days. It remains to be seen whether they will be able to absorb the losses from the Thanksgiving crash by tomorrow, with nothing impossible with Bitcoin. Guggenheim Partners’ entry into the Bitcoin sphere could very well take Bitcoin to levels well beyond $ 20,000 by the end of 2020.

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