Bitcoin has been showing immense signs of strength over the past 24 hours as it cleared the $16,000 resistance level. The price even broke past $16,200 and formed a new multi-month high near $16,487.
The coin is currently consolidating gains after facing a rejection at $16,500. The BTCUSD pair corrected lower to its current price of $16,200, but dips remain well supported near the recent breakout zone at $16K.
BTCUSD Chart By TradingView
Looking ahead, a downside break below $16K could accelerate losses in BTC price, pushing the king coin towards the $15,500 support level. On the bright side, a spike above $16.5K could open the doors for a surge towards $16.8 in the coming sessions.
Bitcoin Price Must Break Above $16.2K
BTC has begun to outpace altcoins once again with its thrust higher that saw it trade just a hair under $16.5K earlier today. The flagship cryptocurrency now seems to have settled above $16K, and there is a bullish trendline forming with support near $16,080 on the hourly chart.
Yesterday, we discussed the historical significance of the break above $16K. This level offered strong resistance that started the bear market in 2018, but BTC has so far been able to post a firm and sustainable break above it.
One crypto trader now says that the world’s leading cryptocurrency has to decisively break above $16,200 to confirm its latest leg higher. Bitcoin was rejected near this level on at least two separate occasions in late 2017.
Analyst C2M_Killmex shared a tweet on November 12th explaining that $16,220 remains a level of interest for him since it is the “weekly rejection block.”
LTC Price Shoots Up by 12%
Earlier today, Litecoin (LTC) formed a strong support base near $57.00 and started a fresh increase. Interestingly, there was a break above a contracting triangle with resistance near $60.00.
As of this article’s writing, the LTCUSD pair is trading nicely above the $60.00 level. LTC has now surpassed $65 after gaining $12% and looks primed to rally higher in the near term.
LTC Price Surpasses $65 | Source TradingView