Did the bears finally give up on cracking bulls to cause a Bitcoin (BTC) crash? Exchanges are emptying, the pressure to sell seems to be diminishing. A look back at the post-ATH battle with bulls that never let go.
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Bitcoin again unsuccessfully attacked the $ 19,400 today, December 6, 2020; rejection drove the price of BTC to $ 18,935, before climbing back to $ 19,198 as of this writing.
Although Bitcoin still failed to break through the resistance zone of $ 19,400 – $ 19,500, bears have failed to bring down the BTC at levels close to $ 18,000 this time around.
Either the weekend reduces volatility in the markets or the bears have less and less strength to crack supports between the $ 18,000 and $ 19,000.
Although Bitcoin Currently trading above $ 19,000, its daily RSI (14) barely stands at 61.
The markets are still far from overbought, the bulls control the markets and should technically be able to run towards $ 20,000 on a daily basis, before showing the first signs of slowing down.
The battle was bloody: the bulls victorious?
Data from Santiment seem to confirm this depletion of bears, with a withdrawal on the exchanges on the increase.
Bitcoin is at a crucial level, where it could very well initiate further parabolic hikes breaking above $ 20,000, or just have another crash with major supports that the bears have cracked quite a bit over the past few days.
Whales exerted strong selling pressure on the BTC during the past week, preventing Bitcoin to re-attack his new ATH from December 1, 2020.
The support of Grayscale which recently announced the purchase of 50 million BTC, still allowed the bulls to keep the 19,000 USD, despite the various forays below this level.
Will Bitcoin’s price finally consolidate above $ 19,500 this week? The appreciation of the gold and the dollar in recent days, was it just cyclical? Bear exhaustion will already reduce the risk of a crash, and the bulls will be able to run without a cannonball in their paws. The $ 20,000 this week would be a nice early Christmas present for the bulls.
Litecoin, welcome in the Silver Age