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Today Bitcoin Can Break a Record From October 2013: BTC Price Analysis

Yesterday, bitcoin’s price set another all-time high, this time at $24,200 (Bitstamp). Nine days ago, the daily low was $17,565. Since hitting that level, the primary cryptocurrency had gone through a fantastic journey of eight consecutive daily green candles.

This is the longest period of consecutive daily green candles since June 2019’s bull run (8 candles). If today’s candle will close above $23,840, though a green candle, this will become the longest period since October 2013.

Back then, Bitcoin had gone through ten green days where the price increased from $121 to $147.

This fact can just emphasize how impressive this bull run is. Not many people expected a new all-time high even before 2021.

BTC Support and Resistance Levels To Watch

While bitcoin had entered a price discovery territory, where there is no actual resistance to the bullish side, we can rely on the top-yellow ascending line on the following daily chart.

This line was started forming mid-October and now lies around $24,500 – $24,600. Before that, the first resistance level for Bitcoin is the current ATH at $24,200.

Further above lies the psychological levels of $25,000 and $26,000.

As the RSI is getting near 80, there is a high probability of an incoming price correction.

From below, the first level of support now lies around today’s low at $23,000 – $23,200, along with the first green ascending trend-line.

Further below lies 0.236 Fibonacci Level around $22,250, followed by the 0.382 and 0.5 Fibonacci levels – $21,405 and $20,673, respectively.

Further below lies the previous all-time high of December 2017 at around $20,000.

Total Market Cap: $684 billion

Bitcoin Market Cap: $443 billion

BTC Dominance Index: 64.8%

*Data by CoinGecko

BTC/USD BitStamp 1-Day Chart

btc_dec20_d-min

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Cryptocurrency charts by TradingView.


About The Author

Yuval Gov

Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU – Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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