For the second day in a row, bitcoin traders attacked the $ 19,500 level in an attempt to turn the crucial level from resistance to support.
All attempts to overcome resistance around $ 19,550 have been rejected, but Bitcoin’s rapid recovery from December 14 to $ 19,050 shows that investors are still interested in buying every fall.
Currently, traders agree that the $ 19,500 support price change will open a new permanent high of $ 20,000. In the words of Cointelegraph author Michael Van de Pope:
“If we get a break above resistance and print a new ATH, it is more important to see support in the $ 19400-19500 range rather than hitting that ATH.”
Van de Poppe also stressed that the current bearish convergence of daily timeframes has not been confirmed and stressed that if Bitcoin price fails to return $ 19,500 as strong support, the likely outcome is that the price will drop to $ 18,500, which will be seen traders. for a better entry.
While Bitcoin is struggling to hold onto $ 19,500, the daily chart shows that the price continues to hit higher daily lows. Since we recovered from the Dec 11 low to $ 17,586. BTC also showed higher daily gains, which indicates a strong digital asset trend.
As the price of bitcoin tries to enter a new range, several digital currencies have surged in double digits.
Elrond’s price is up 28% on the day and is currently up 115% over the past two weeks. SushiSwap’s benchmark symbol, Sushi, rose 9.84% to $ 2.80, up 44% over the past four days.
Bancor was the most visible winner of the day, climbing 34.5% to $ 1.70 on today’s Coinbase Pro news.
According to CoinMarketCap, the total market value of cryptocurrencies is now $ 566.6 billion, with bitcoin dominance at 63.6%.