• Bitcoin spiked to $19,100 amid growing bullish momentum.
  • On-chain metrics imply that the price has no significant resistance ahead.

Bitcoin bulls tested the water with a  short foray above $19,000. The pioneer digital asset hit the highest level nearly in three years at $19,100 and retreated to $18,880 by the time of writing. 

A retreat may be followed by another bullish assault

From the technical point of view, the local resistance is created by $18,800-$19,000 as it has been tested on numerous occasions since November 20.  a sustainable move above this area will trigger a new massive buying wave and push and open up the way to an all-time high at $19,890 and psychological $20,000.

BTC/USD, 4-hour chart

BTC/USD, 4-hour chart

On-chain metrics support bullish scenario

IntoTheBlock's "In/Out of the Money Around Price" data shows that there is have no meaningful resistance up until $19,300. Meanwhile. on the downside, BTC/USD sits on strong support as 560,000 addresses previously purchased over 530,000 BTC between the current price and $18,200. This supply wall may absorb the selling pressure and push the price back above $19,000 towards the local resistance at $19,300.

Bitcoin In/Out of the Money Around Price

Bitcoin In/Out of the Money Around Price

On the other hand, a sustainable move below $18,200 will create a strong downside momentum and allow BTC to retest $16,000. 

As FXStreet previously reported, BTC has sell signals on the long-term charts. If they materialize, the pioneer coin will enter a long-term correction phase. 
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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