The bulls have been busy since Christmas Eve. Bitcoin (BTC) is already crossing the $ 28,000 mark, making $ 30,000 possible by the end of 2020. The upside may have identified the first major resistance level the bulls will need to break.
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A little hello to 28,000 USD
Bitcoin hit a new ATH of $ 28,377 on the exchange Bitstamp today. After this foray above 28,000 USD, the price of BTC then corrected, quickly losing the $ 27,000.
Bitcoin is trading at $ 26,786 at the time of writing. He is currently recording a daily profit of 4.06%, which is a daily gain of $ 1,035.
Bitcoin broke $ 25,000 yesterday, December 26, 2020. It didn’t take long to get close to $ 30,000 by earning over $ 3,000 in less than 24 hours.
The 4 green candlesticks of the last few days did well push up the 5 day moving average which is above $ 25,000.
$ 30,000 rush: bulls hit a wall
The price of Bitcoin fell nearly 6.5% within minutes of hitting levels near $ 28,400.
This significant drop testifies to the existence of strong selling pressure at this level which could constitute a major area of resistance for the BTC on the road to 30,000 USD.
Michael van de Poppe tweeted today, indicating that the “bull cycle of bull cycles” has begun, with increasing adoption of Bitcoin and cryptocurrencies in general.
Van de Poppe is one of the cautious crypto-traders; he indicated a possible decline of Bitcoin at the level of 19,500 USD.
The crossing of 25,000 USD has indeed given rise to further parabolic increases. The rejection at the $ 28,400 level was brutal, but the bulls have been able to defend the $ 26,700 by now. They seem to be preparing much more than the $ 30,000 route; bulls are building the foundation for the path to $ 100,000 for 2021. Bitcoin today benefits from the network effect like giants like Facebook: the more its adoption rate increases, the more its price increases and more its adoption rate is increasing and… everyone has a precise idea of the effects of this virtuous circle.
Litecoin, welcome in the Silver Age