Bitcoin
Bitcoin Continues Plowing Higher as Uptrend Shows Few Signs of Slowing
Cole Petersen | Nov 24, 2020 | 23:00
- Bitcoin has been pushing higher throughout the past few days and weeks, with sellers being wholly unable to gain any ground against bulls
- This comes as BTC pushes past $19,000, which has long been a strong resistance level that has sparked multiple fleeting selloffs
- Now that it is firmly above this level, it may be well-positioned to see significantly further upwards momentum in the near-term
- One analyst is noting that its failure to break below any key support levels throughout the course of its uptrend suggests that further upside is imminent
Bitcoin and the entire crypto market are looking strong by the day, with Bitcoin taking full control of the aggregated market’s trend as analysts eye further near-term upside.
The selling pressure seen as of late has all been absorbed, with each dip only lasting for a brief amount of time.
This trend is common in bull markets and could indicate that a move past the cryptocurrency’s all-time highs is imminent in the days and weeks ahead.
One trader observed in a recent tweet that the lack of any support breaks indicates that there is no reason to suspect any imminent downturn just yet.
Bitcoin Continues Plowing Higher as Bulls Take Aim at All-Time Highs
At the time of writing, Bitcoin is trading up just under 6% at its current price of $19,420. This marks the highest price levels seen by the cryptocurrency since the peak of its 2017 uptrend.
It is now just a few hundred dollars away from setting fresh all-time highs. Although there may be some serious resistance at this price level, a break above it could send it into price discovery mode.
Where the market trends in the mid-term will depend largely on whether or not it can continue holding above the key $19,000 price level in the near-term.
BTC Defends Key Support Levels as Uptrend Persists
One trader is noting that Bitcoin has yet to break below any of its key support levels throughout the course of its multi-week uptrend.
This means that there’s a strong chance it will continue pushing higher in the mid-term.
“BTC update: Nothing has changed, we’ve not yet lost any support. The recent consolidation in the last few days is a pretty neat new invalidation now, quite a bit higher than the last one. Switch gears once one fails.”
Image Courtesy of DonAlt. Source: BTCUSD on TradingView.
So long as Bitcoin continues holding above its key support levels, there’s a strong possibility that it will set fresh all-time highs in the near-term.
Featured image from Unsplash. Charts from TradingView.
