The 19,400 USD – 19,500 USD sees a large concentration of sellers: Bitcoin (BTC) has been systematically rejected there in recent days, a rejection each time driving its price below the 19,000 USD. Bitcoin is currently torn between massive Grayscale buys and looming sellouts by BTC miners.
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A big support, a big rejection
Bitcoin was once again rejected by the resistance zone of $ 19,400 – $ 19,500 today, December 4, 2020.
The BTC dropped to the $ 18,750 level before rising above $ 19,000. Bitcoin is trading at $ 19,040 at the time of writing.
It is supported by Grayscale who bought 7,188 BTC valued at approximately $ 137 million in the last 24 hours.
Grayscale tweeted yesterday, November 3, 2020 that it now manages 12.6 billion digital assets.
Recent acquisitions of Grayscale make the fund the biggest buyer of Bitcoin right now.
Bitcoin looks bad
Data from Glassnode show that the 2-day moving average of the number of Bitcoins sent to exchanges has increased significantly over the past 24 hours. It exploded by 636.2%, from 3,492 BTC to 25,707 BTC.
Source : Image via Twitter
Logically, therefore, one should expect strong selling pressure from miners, testing supports at and above $ 18,000.
For Michael van de Poppe, the price of Bitcoin could see a correction with the current uptrend weakening.
He said if the major support area around $ 18,500 were to give way, then a test of $ 16,000 is likely.
To be able to continue his ascent, Bitcoin must be able to rely on a continued devaluation of the dollar over the next few days and, break the resistance zone of $ 19,400 – $ 19,500.
The bears are still there despite the various releases at the level of 19,400 USD – 19,500 USD. Traders should now expect a massive sell off of BTC by miners. The bulls will have to defend the $ 18,000 and above to avoid another Thanksgiving-like crash. Bitcoin needs other investors like Grayscale to finally cross $ 20,000 before the end of this year. A “fading” of the greenback could also suffice.
Litecoin, welcome in the Silver Age