Right after Thanksgiving, Bitcoin missed setting a new all time high by just a few hundred dollars, as the largest cryptocurrency dropped from its local high of $19,500 to as low as $16,300. The rejection right before the token hitting its all-time high was fuelled by massive whales reaping profits, along with other factors like crypto exchange OKEx re-opening withdrawals.
However bulls soon took control, and the cryptocurrency quickly recovered and managed to surmount the resistance at the $17,500 and $ 17,850 levels, followed by $18,000. Crypto Analyst Josh Rager termed these as “sticky areas” and had noted that if bulls were able to surpass this, it would push prices higher.
Seems like Rager was right, as Bitcoin is back above $19,000 and is trading at $19,535 at the time of writing, posting fresh gains for investors and bag holders. Based on data from TradingView, BTC seems to have conquered another key psychological level throughout Monday as it breached $18,600, up more than 17% versus previous lows.
Cryptocurrency analyst Michaël van de Poppe had previously warned that a large $1300 gap on the CME Bitcoin Futures chart, poses risks of pushing BTC lower, but as of now, the bulls remain in control as the price hovers above $19,000.
Poppe had also noted hours before BTC’s current rally that the token has held “the crucial area around $17,800” adding:
“Now the crucial area is $18,200 and the final breaker before ATH is the resistance around $18,600-18,900.”
If BTC manages to flip the said areas into support, this could secure another chance for the asset to take a stab at breaking $20,000. However, it is yet to be seen if bulls can break previous resistances.
Crypto trader, however, are super bullish and many are already certain that today BTC will reclaim $20,000. Crypto commentator Beastlorion tweeted:
Meanwhile, veteran trader Scott Melker, known as The wolf of all Streets, said: