In the penultimate month of 2020, Bitcoin made a big price comeback when the price reached almost $ 16K.
What we saw in the Bitcoin market last week is nostalgically reminiscent of the time when Bitcoin experienced its biggest bull run at the end of 2017. But now Bitcoin and the whole market is much more mature, which may mean that we will look at the new ATH already this year.
Bitcoin Road to $ 15K
BTC still fought two resistances until November 5, at $13.5K and $14K. These resistances worked really well and the bulls were tested back several times to see if they really had enough shopping arsenal. The turning point came during November 5, when the price finally left $14K and Bitcoin got its wings.
Bitcoin was able to increase the price in one day from min. $14,093 (binance), specifically on November 5 from 00:00 to November 6, 00:00. (binance) to a maximum price of $15,950 (binance).
Why could Bitcoin reach the new ATH this year?
- The market is more advanced than in 2017
- Panic sellers and inexperienced traders disappeared from the market
- Large investment companies have entered the market, having only recently invested in Bitcoin with the aim of hold it in the wallet for several years
- PayPal will make crypto payments available to 28 million merchants in the first half of next year
- The COVID_19 pandemic has put enormous global pressure on the increased use of digital currencies
Technical analysis:
- Bitcoin found support around $14.3K
- Psychological support at $15K
- Resistance at $15.7K – $16K
- Increasing volume / Bullish
- RSI 1D/1W overbought / Bearish
- Fear & Greed Index / Extreme Greed
Read also: BTC hodlers do not want to sell and are moving their funds away from exchanges
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