• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Analysts Expect Move to $20,000 High as Bitcoin Holds Key Supports

Nick Chong by Nick Chong
1 year ago
in Bitcoin Price
0
  • Bitcoin underwent a rapid correction last evening after the coin pressed as high as $18,500 on leading exchanges.
  • Even still, analysts remain optimistic on the leading cryptocurrency.
  • One trader said that since Bitcoin managed to hold key support levels despite entering the low-$17,000s twice in the span of a few hours, it could move to new highs.

Bitcoin Holds Key Support Levels

Bitcoin underwent a rapid correction last evening after the coin pressed as high as $18,500 on leading exchanges. The coin fell by around $1,000 in the span of a minute or two, plunging from those highs to $17,400.

The cryptocurrency faced strong on-chain resistance. There was also a large amount of selling pressure on crypto exchange order books. Commenting on the move, an analyst wrote:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
“I don’t know why so many people assume there is a “they” in moves like this. its just well-informed short time frame scalpers testing the market and successfully finding a pocket of liquidity from top longers who folds their positions in quick succession.”

Analysts think the cryptocurrency will maintain its bullish pressure despite the recent drop.

Commenting on the four-hour chart, which shows strong wicks into the low-$17,000s, a trader recently said:

“sigh this is so retarded bullish strong daily close here and we’re prob taking ATH today or tomorrow on btc same pattern as 16k, first long ass bottom wick from initial profit-takers second long ass bottom wick from subsequent profit takers on the bounce next time it runs imo.”

As the chart shows, Bitcoin has managed to hold key support levels despite entering the low-$17,000s twice in the span of a few hours. Bitcoin managing to maintain high price levels, the analyst explained, will likely trigger a move toward all-time highs. Image Chart of BTC’s price action over the past few days with analysis by CryptoGainz
Source: BTCUSD from TradingView.com

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

 

Not the Only One That Thinks So

Other analysts are optimistic that the trend is still positive for Bitcoin. Referencing how there are little resistances until new all-time highs, a trader recently said:

“BTC: Just hit the 1 to 1 extension from the March-August run. There’s not much to play with anymore in terms of targets. Only two levels left ahead are 18900 (highest weekly close) and 20k (ATH). 1.618 extension @ 23.775k.”

Bitcoin

Image Courtesy of Smokey. Source: BTCUSD on TradingView.

Many have stated that by the looks of it, the recent drop was a clear bear trap. The issue is that there remains many bullish market trends for Bitcoin, such as low funding rates and a mass amount of withdrawals from exchanges.

Adding to this, the fundamentals of the space continue to improve as monetary printing continues and as Bitcoin gains notable Wall Street backers.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Analysts Expect Move to $20,000 High as Bitcoin Holds Key Supports
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

4 days ago
Bitcoin price

Bitcoin Price Nosedives As Russian Missiles Strike Ukraine’s Cities

3 months ago
Crypto mining

Former Soviet Republic Is Primed For Crypto Mining, Despite Its Burgeoning Power Deficit

3 months ago
European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

4 months ago
Bitcoin mining stocks, a coal mine

Bitcoin Mining Stocks Beat BTC Two-To-One in 2021 ROI

6 months ago
Price, The Bitcoinist Book Club logo

Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 6, Part 1: Price)

10 months ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.