Bitcoin has set many records that most coins will be unable to match. One of these records is BTC’s all-time high. As of 2017, the all-time high was $19,783, but all that changed when the digital gold hit a new ATH of $19,956 last week Monday after a sharp rally during the weekend.
The bullish run is another extraordinary thing. This year, Bitcoin holds the longest bullish run, and it is yet to stop as bears are unable to bring the cryptocurrency to the previous level it was before. In a nutshell, 2020 has been one of the most bullish years in Bitcoin’s history, creating many highlights.
For the first time, bitcoin stayed above $10,000 for more than a hundred days. Adding to that margin of staying above the $10,000, the price of BTC is also above the $18,000 mark for more than eight days now. It seems the record-breaking for this year is not over as the cryptocurrency continues to tighten its grip on the $19,000 and may remain above the mark longer than anticipated.
Traders are still very keen on seeing the crypto asset hit $20,000 before the year runs out. Will traders’ anticipation become a reality this year? Using a 24 hours chart, BTC hitting $20K this year may remain only in the dream. MACD went bearish since November 25 and is showing no signs of relenting anytime soon.
If we see a repetition of what happened in 2017, we may see BTC hit $20,000 as most people anticipate. Either way, there is plenty of resistance and support to watch.
Key Support Levels: $18,500, $18,000, $17,500
Key Resistance Level: $19,500, $20,000, $20,500
Breaking the $20,000 resistance level is something most traders want, but after the $20,500 resistance, the $20k is the toughest. If the $20k resistance, that does guarantee that the $20,500 will flip. The $19.5k resistance still stands the most vulnerable and may flip at any time.
Traders dread the thoughts of support flipping, but they have to flip to complete the cycle of trading. The $18,500 support level is the closest to the current price actions and may flip if Bitcoin experiences any difficulty. $17,500 is a long term support level for now and will hold for much longer.