Bitcoin (BTC) rose to a whole new high on November 25 when the price rose to $ 19,412 in the morning.
The definition of a high actual BTC level is somewhat controversial, as different exchanges have different numbers on the list. For example, Coinbase recorded $ 1,982 as the top Bitcoin, while BitMEX and Binance recorded $ 2,981 and $ 19,799, respectively. Consequently, $ 20,000 for most traders will probably be the main turning point that will strengthen BTC to hit a whole new high.
The break of the $ 19,000 level came faster than many expected, especially after the bitcoin price fell to $ 18,000 on the evening of November 23. The fall was almost synonymous with a 30% decline in XRP on Coinbase after the alternative coin was pumped to $ 0.92. …
Data from TheTie, a social analytics data platform, shows that the trading mood was noticeable with the fall in Bitcoin prices on November 22 and 23, when traders expected a potential reconsideration of lower support around $ 18,000.
According to Joshua Frank, founder of TheTIE:
“The Daily Sentiment Score shows how positive or negative investors have been over the past 24 hours compared to a 20-day gradient window. This number (Daily Sentiment) has been positive (over 50) since November 16, when Bitcoin was close to $ 16,000. To keep the score. The daily mood is positive, which means that conversations are constantly becoming more positive. So if investors have been positive in the last 20 days, they need to be more positive in the last 24 hours for the result to be above 50. ”
This indicates that regardless of the sharp decline to $ 18,000 or less, most investors who invest or track the price of bitcoin remain extremely optimistic about the outlook for digital assets compared to historical price and sentiment data.
Google Trends data also shows that searches for the word bitcoin also reached a full-time high in 2020 when the price climbed above $ 19,000, but this number is not close to the December 2017 high.
What’s next for Bitcoin?
As shown in the 4-hour chart, the $ 18,000 Bitcoin inflow created a double bottom to the right by key support, and the bulls went in to buy the dip, triggering three consecutive high volume meetings.
At the time of writing, the price has already withdrawn to test lower support at $ 18,900, and if this level does not hold, the next support will be $ 18,650, slightly higher than 20-MA and a large node on it. VPVR.
Similar to the $ 18,000 transition, a period of consolidation and building support is normal and beneficial for maintaining growth momentum.
According to Matt Bloom, Head of Global Sales at ICOS:
“Bitcoin is focused on claiming a whole new record high and is unlikely to come close to that as it fails to beat the 2017 record. With a lack of resistance level, the ideas go to the next big bullish target. Using Fibonacci retracement levels, we see a target of 29100, with 1,618 going from 4644 to $ 19,447 as price points.