The price of Bitcoin (BTC) hit a new ATH today, December 1, 2020. Bitcoin has enjoyed support from the whales and especially from institutional investors on the road to $ 20,000. Should we expect another crash with traders appearing to be liquidating their BTC en masse to take advantage of the current rise?
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An ATH without the 20,000 USD
According to data from Coinbase and of Tradingview, Bitcoin hit a new ATH today, topping $ 19,982.
Despite the thanksgiving crash, the pair BTC / USD finally reached an all-time high on 2 exchanges, barely 5 days after the big drop on November 26, 2020. The support of institutional investors has borne fruit.
After reaching this ATH, the BTC fell about $ 1,600 in the space of 2 hours, forming a low above $ 18,200. The BTC quickly climbed back above $ 19,400 before suffering another decline that brought it back to its current level. Bitcoin is trading at $ 18,935 at the time of writing.
On-chain data shows that whales exerted little selling pressure in November 2020, 6 months after the halving. Number of Bitcoins sent by whales on the exchanges has decreased over the months.
Bitcoin has proven its resilience at least twice this year. The bulls recovered from Black Thursday which had brought down the price of BTC below $ 4000. They also absorbed losses due to thanksgiving crash in just 4 days.
Another crash to come?
Data from Glassnode show that the amount of withdrawals on the exchanges reached a new ATH of 2,288.125 on November 30, 2020, compared to 2,265.875 on November 26, 2020.
Traders have decided to profit from the current rise in Bitcoin, making it difficult for the moment to cross the $ 20,000 mark.
The bulls have successfully defended $ 18,000 and are attempting to keep Bitcoin above $ 19,000. Markets are cleaning up yet again, so they can allow Bitcoin to possibly cross $ 20,000 this week. It remains to be seen whether breaking above this level will trigger euphoric sentiment in the markets to trigger another parabolic rise. ATH is done, we still expect the 20,000 USD – eternal dissatisfied?
Litecoin, welcome in the Silver Age