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Is a new level of historical Bitcoin price taking shape? 

Is a new level of historical Bitcoin price taking shape? 

  • 20 November 2020
  • 259 View

According to cryptocurrency market news and analysis of the Minerland, The price of Bitcoin reached $ 18,000, but analysts warn of a correction.

Buyers were finally able to push the price of Bitcoin to $ 18000; however, some analysts believe that before we meet a new historical ceiling, we will see a slight and shallow correction in the price of Bitcoin.

According to the Cointelegraph, the price of Bitcoin crossed the $ 18,000 mark for the first time in three years and reached its highest record in 2020. The price of Bitcoin rose to a high of $ 17,909 on 19 November 2020. This price was after the price remained in the range of 17,100 as a resistance level for some time. Many analysts believe this was a difficult resistance period. They say the price of bitcoin could continue to rise if traders maintain current key support levels at about $ 18000.

Bitcoin Price

BTC/USD chart in tradingview.com

Is the price of Bitcoin approaching its golden ratio?

Analysts evaluated the above chart on Twitter. At present, the price behavior of Bitcoin is such that it could easily lead to the explosive growth of the golden ratio, which is currently stopped at $ 19,000.

Take a look at the weekly Bitcoin price chart. this asset is not far from reaching its historic high of $ 19,763. In several timeframes, the trading volume index shows that there is little resistance above the $ 17,000 price threshold.

Previously, analysts had expected the price of Bitcoin to stabilize in the range of $ 17,500 to $ 17,700 so that traders could save their desired profit, but it seems that the cows are still pushing for a price increase. The price of bitcoin has risen more than 13.06 percent since crossing the $ 16,000 mark. Therefore, it is expected that in the future, we will see a period of price stability to strengthen the level of support. Then in the future, the conditions are provided for further price growth.

Will the Bitcoin price trend improve?

When Bitcoin hit the $ 17,000 mark, there was a lot of discussion among market participants about Bitcoin’s next move. It is not clear whether the price of Bitcoin will stop near the historic peak of 2017 or move to a new historic high by breaking all resistance.

Analysts predict that if the price of Bitcoin can reach $ 19,050, we can see a price pullback of up to $ 17,000. Currently, many bitcoin traders are newcomers and have not yet experienced profound improvements. In the past, Bitcoin made rapid correction moves, but this time it did not. Also, many leverage long positions were not liquidated.

This situation has also influenced the bitcoin mining and cryptocurrency mining platforms. The mining activity is trending significantly which is positive for the industry.

Who is changing the price of Bitcoin?

In 2017, retail traders formed a bullish Bitcoin rally. Because they were afraid of being left out of the market by rising prices. So, they were able to push up prices. But it seems that a different scenario is taking shape.

This year, there has been a lot of news about the entry of institutional investors into the Bitcoin market. The data also shows a signal. The growing volume of transactions in the BTC and Ether is the result of the strong presence of large traders.

2 responses to “Is a new level of historical Bitcoin price taking shape? ”

  1. Herve Fodouop says:

    Good informations

  2. Yanga Jili says:

    Amazing and enjoyable article indeed

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