Ken Chigbo
Independent Analyst
- Bitcoin price on Wednesday has rallied a whopping 4% to the highest levels seen since November 2018.
- BTC/USD bulls are breaking down resistance seen within the $5000-5100 range. Eyes are on the next major barrier around the $5500 territory.
The Bitcoin price in the latter part of trading on Wednesday is further jumping to the north, up with gains of over 4%. BTC/USD trades at its highest levels since November 2018, as the bulls further breakdown areas of supply.
BTC/USD has further extended after briefly breaching the big psychological $5000, mark in the session on Tuesday. Bulls will be looking to reverse the large drop which was seen in the month of November 2018.
The next major area of resistance is observed from $5500-600 price range. BTC/USD last traded within this territory between 14-19th November, before further free-falling to the deep south. A clearance here could then open the door for a return to $6000.
BTC/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
GENIUS Act advances in the US Senate, the first US federal framework for regulating stablecoins
The US Senate took a major step toward regulating stablecoins on Monday night by voting 66-32 to advance the GENIUS Act. The vote overcomes a Democratic-led filibuster and clears a key procedural hurdle.
SEC Commissioner Hester Peirce says most crypto assets are not securities
Crypto Task Force leader Hester Peirce highlighted in a speech on Monday how the Securities & Exchange Commission (SEC) defines various crypto assets under securities laws.
Solana set for a consensus switch with the introduction of Alpenglow
Solana (SOL) showed signs of recovery in the American trading session on Monday following the introduction of a new consensus protocol, Alpenglow, which would replace the network's current Proof-of-History and TowerBFT mechanisms.
Ethereum Price Forecast: ETH products see increased inflows, but rising shorts slow momentum
Ethereum (ETH) trades around $2,500 on Monday following mixed signals across its on-chain metrics. While strong buying pressure is visible across ETH products and whale balances, hedge funds and traders are boosting their short positions.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.