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Bitcoin (BTC) price extended its rally to a new all-time high today as the price rose to $ 19,412 in the morning trading session.
Determining the actual all-time high for BTC is somewhat questionable as various exchanges have different figures listed. For example, Coinbase recorded $ 19,892 as a Bitcoin peak, while BitMEX and Binance have $ 19,891 and $ 19,799 respectively. Therefore, for most traders, $ 20,000 is likely to be the main focus that will consolidate BTC reaching a new all-time high.
Breaking out of the $ 19,000 level happened faster than many expected, especially after Bitcoin’s price plunged to $ 18,000 in the evening hours of November 23rd. This decline was almost in tandem with XRP’s 30% drop at Coinbase after the altcoin dropped to $ 0.92.
Data from TheTie, a social analytics data platform, shows that as Bitcoin’s price lost momentum on November 22 and 23, trade sentiment took a major hit as traders predicted a possible retest of supports. lower in the area below $ 18,000.
According to Joshua Frank, the founder of TheTIE:
“The Daily Sentiment Score looks at how positive or negative investors have been over the past 24 hours compared to a 20-day rolling window. This metric (daily sentiment) has been positive (above 50) since November 16, when Bitcoin was close. at $ 16K. For the daily sentiment score to remain positive, this means that conversations must continually become more and more positive. So if investors are positive in the past 20 days, they need to be even more positive in the past 24 hours for the score to remain greater than 50 “.
This suggests that regardless of strong pullbacks to say $ 18,000 or less, most people who invest or monitor Bitcoin’s price still feel overwhelmingly bullish on the outlook for the digital asset compared to historical price and sentiment data. .
Google Trends data also shows that searches for the term “ Bitcoin ” also hit a 2020 high today as the price soared above $ 19,000, but the figure is nowhere near the high seen in December 2017.
What are the prospects for the price of Bitcoin?
As shown in the 4-hour chart, Bitcoin’s flushout at $ 18,000 created a double bottom right at the key support, and the bulls stepped in to buy the decline with 3 successive high volume peaks.
At the time of writing, the price has already retreated to keep support below $ 18,900 and if this level fails to hold, the next support is at $ 18,650 which is slightly above the 20-MA and one knot. loud volume on the VPVR.
Similar to the move up to $ 18,000, a period of consolidation and support building is normal and healthy to sustain momentum in an uptrend.
According to Matt Blom, EQUOS Head of Global Sales:
“Bitcoin is focusing on claiming a new all-time high and it seems highly unlikely that having come this close, it will fail to break the 2017 record. With a shortage of resistance levels in the lead, thoughts turn to the next key upside target. . Using the Fibonnacian retracement levels, we target $ 29,100, with a move of 1.618 from $ 4,644 to $ 19,447 price points as a basis. “
