Bitcoin Reaches 2-Week High, May Break into Unchartered Territory by Christmas
On December 15, Bitcoin (BTC) recorded its peak as new bullish move pushed the largest crypto by market cap closer to $20,000. Data provided by TradingView, Cointelegraph markets and Coin360 indicated BTC/USD reaching $19,760 while trading on Wednesday.
The rally has ended bearish sentiment which had gripped the market until Tuesday. After failing to breach the resistance zone of $19,500 and $20,000 in early December, Bitcoin recorded low of $17,550 before taking U-turn.
Earlier this week, support from Bitcoin bulls increased with Bitcoin gathering momentum to break above the key resistance at $20,000. Above $20,000 lies unchartered territory, where selling is not expected immediately as per data indicates.
Cointelegraph Markets analyst Michaël van de Poppe tweeted the scenario as follows:
“However, you’d want this red zone at $19,400-19,500 to become support. If that happens, price can continue towards $20,500-21,000.”
#Bitcoin breaking above the resistance zone, which is close to a new all-time high. Bullish!
However, you’d want this red zone at $19,400-19,500 to become support.
If that happens, price can continue towards $20,500-21,000. pic.twitter.com/kSoa770SLo
— Michaël van de Poppe (@CryptoMichNL) December 16, 2020
In the meantime, Quant analyst PlanB pointed out that news of the US endorsing a $900 billion Covid-19 based stimulus package was paving way for Bitcoin rally.
— PlanB (@100trillionUSD) December 16, 2020
At the time of writing this article, Bitcoin was hovering around $19,700, with volatility remaining at its peak on short time-frames.