The price of the world’s largest cryptocurrency sharply increased and hit the 2020 record. According to the latest news, Bitcoin boosted to more than $18,000 for the first time in three years.
On November 17, the Bitcoin price rallied to $17,858 after a high-volume surge pushed the price through the range between $17,100 – $17,300. Analysts thought that would be a strong resistance level.
Decentrader, co-founder Fillbfilb, the dominant cryptocurrency’s price could resume marching higher in the short term if the underlying supports hold. He tweeted on his Twitter that the current PA could result in a blow-off towards the Golden Ratio Multiplier.
Furthermore, Bitcoin is just a hair away from snatching the $19,763 record high hit in December 2017. On multiple timeframes, the volume profile visible range explains there is little resistance up to $17,000.
According to analysts, the price to consolidate is in the $17,500 – $17,700 range as some traders took profits. However, bulls seem intent upon pushing Bitcoin higher. The dominant cryptocurrency has rallied 13.06% since touching the $16,000 resistance.
Matt Blom, the head of global sales trading at EQUOS, announced the market has extended to the upside, breaking over the trend channel and seems to be enrolling a blow-out phase. He said that the question is at what point does the rally become unsustainable.
After Bitcoin hit the $17,000 level, analysts doubted whether the dominant cryptocurrency price would reject the new 2017 high or break through the resistance and increase to a record high.
If Bitcoin hits $19,050 this week, a pullback to the $17,000 level is expected
According to Blom, if Bitcoin will hit $19,050 this week, the pullback to the $17,000 level is expected. Blom said that there’s much new money in Bitcoin. They’ve never experienced a Bitcoin retracement. In prior years the dominant cryptocurrency has retraced sharp up moves; however, it says that there is one missing ingredient! The shortage of auto-liquidation of leveraged longs.
In 2017, retail traders pushed the rally and a huge amount of FOMO, but the situation is not the same in 2020.
Moreover, Cointelegraph has published on the increasing trend of large-size Bitcoin acquisitions during 2020 by institutional investors. According to Data, the rising volumes at regulated Bitcoin and Ethereum derivatives markets result from more giant hands becoming engaged with the dominant cryptocurrency.
According to Blom, the fact that the market is now concentrating its rallying efforts throughout the institutional working week is a sign that real money has arrived. Blom says that he believes the pull-back many are awaiting maybe shallow.