Bitcoin faces this final resistance zone before the all-time high of $ 20K

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Bitcoin (BTC) traders are spotting the order books of major exchanges showing that the $ 19,500 level is a short-term resistance level.

Bitcoin rejects $ 19,500 per hour

On November 25, Bitcoin’s price was declined at $ 19,500 with relatively high volume in peak trading. On Binance, for example, the price of BTC reached $ 19,484 before seeing a slight drop to $ 19,300.

4-hour chart BTC / USDT (Binance). Source: TradingView.com

The minor rejection likely occurred due to stacks of sell orders between $ 19,450 and $ 19,550.

A popular pseudonym trader known as “Byzantine General” shared order records from all major exchanges showing $ 19,500 as a key area for sellers.

Vijay Boyapati, a Bitcoin researcher, similarly stated that the $ 19,500– $ 19,550 range remains the last selling wall before a new all-time high.

If Bitcoin doesn’t test the $ 19,500 area again in the next few hours, that could mean another drop is likely. Considering that it would be the last resistance until the new all-time high, traders expect some reaction from the sellers.

Another small pullback would benefit Bitcoin as it would further neutralize the futures funding rate. The funding rate of BTC futures has once again increased to 0.07% on Binance Futures and other exchanges.

Considering that Bitcoin’s average funding rate is 0.01%, another short-term decline to restore the derivatives market could even strengthen the upward momentum.

The fact that the shorts are at levels not seen since April is a variable

However, one variable to consider is that the number of shorts in the Bitcoin market is at its highest since April.