Bitcoin Bulls Aim Past $20,000 Level


Bitcoin bulls have their hands full in the coming days to make a solid advance to get BTC out of the pit.

Throughout today’s trading session, the market has been bullish. CoinGecko reports that bulls are driving up prices for nearly 80 of the top 100 cryptocurrencies. The site only marked six currencies as the biggest losers so far.

CoinGecko has identified Bitcoin as one of the best developed currencies. With a 24-hour market volume of $34.7 billion, the coin has seen a massive increase in its value in the past few hours.

This increase in price is in line with the bullishness seen in the market for other cryptocurrencies on Friday, which includes Ethereum.

But looking at the big picture, Bitcoin is still well below its August high of $25,000, when it first reached its current value, but to be fair, it is already crossing the $20,000 mark.

As shown in the chart, Bitcoin attempted to consolidate its price range over the course of 45 days.

Chart: TradingView.com

Bitcoin Bulls Resist Downward Pressure

Bitcoin attempted to reduce volatility between August 19 and August 26. Bitcoin price fluctuated between $21,897 and $20,790.

Despite the bulls’ efforts to stabilize the price of the token on August 26, its value continued to decline.

Investors and traders were afraid of these earlier price moves, as their indicators sent out strong bearish and selling signals. But recently, bulls have accelerated and given Bitcoin the boost it needs to try and make a big race.

Chart: TradingView.com

Using the Fibonacci Retracement Tool, the support line at $19141 can be identified at the 78.60 Fibonacci level. As of the time of writing, the Bitcoin bulls have breached the 61.80, 50, 38.20 and 23.60 Fibonacci levels.

Additionally, real-time data indicates that the bulls are trying to consolidate their gains. As they try to settle above the next potential support line at $20321, they are also testing the strength of the next resistance range at $20,821.

Exceeding the $20,000 mark

In addition, we can identify two levels that will be important in the coming days. Before Bitcoin entered the arena with bullish activity, two support bands continued to sustain this movement.

The highlighted areas are the Fibonacci levels of 100 and 71.80. The fate of the current market reversal will be decided in these next two junctures. If the bears push the price below these levels and break through them, then a Bitcoin recovery may not occur at this time.

If the bulls continue to the upside and overcome the $20,828.14 resistance, the current price reversal will be the comfort rally that investors and traders have been anticipating for months.

BTC total market cap at $399 billion on the daily chart | Source: TradingView.com
Featured image from TechSpot, chart from TradingView.com



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