Bitcoin Sets New All-Time Highs Above $20,000; Leaves Trail of Bear Blood

Bitcoin is officially trading at the highest prices it has ever seen, with its long-held bout of consolidation beneath $20,000, ultimately resulting in it seeing an explosive move higher.

Where the crypto trends in the mid-term should depend largely on whether or not it can sustain its current momentum, as it now needs to form support between its current price and the lower-$20,000 region.

The massive quantity of underwater short positions does seem to indicate that upside could be imminent in the days ahead as bears capitulate and close their underwater positions.

Bitcoin Enters New Epoch: Price Breaches $20,000

At the time of writing, Bitcoin is trading up just under 6% at its current price of $20,550. This is around where it has been trading throughout the past few hours, with the selling pressure seen in the upper-$20,000 region proving to be significant.

BTC rallied as high as $20,800 today before it found some resistance that slowed its ascent.

It is important to note that the break above $20,000 does appear to be resulting in a short-squeeze, leading to further upside.

Every BTC Bear is Now Underwater

Except for any bear who shorted $20,800, virtually every Bitcoin short-seller is currently underwater.

The massive quantity of short orders laced throughout the upper-$19,000 region are likely all being – or on the cusp of being – liquidated, which could create a squeeze that sends BTC rocketing higher.

“Everyone who has ever gone short in the entire history of bitcoin is now underwater. Congrats fellow bulls,” one trader noted.

Image Courtesy of Byzantine General. Source: BTCUSD on TradingView.

The coming few days should shine a light on where the new support and resistance levels are established.

Featured image from Unsplash.
Charts from TradingView.
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