Lorenzo Stroe
Independent Analyst
- Bitcoin has finally surpassed the $15,000 barrier after a massive 6% price spike in the past 24 hours.
- The digital asset has ignored the uncertainty surrounding US presidential elections and continues climbing higher.
In our last article, we discussed the possibility of Bitcoin hitting $15,000 as it was facing very little resistance to the upside. With very little opposition above, it seems that Bitcoin has no limit and will likely hit its all-time high at $20,000 again. Despite the current price, it can be observed a massive spike in the number of holders with 100-1,000 coins from 13,754 on October 30 to 13,986 currently. This metric shows investors are still extremely interested in BTC even though the price is already quite overextended.
BTC/USD daily chart
Bitcoin is closer than ever to its all-time high at $20,000 and it seems to be facing very little resistance to the upside. In our previous analysis, we saw that BTC's price is free to run up to $16,322 which is the weekly high of January 2018.
On top of that, the In/Out of the Money Around Price (IOMAP) chart continues showing very little resistance to the upside well until $17,090. From $14,869 to $17,090, only 226,000 BTC were bought. In comparison, the support area between $13,517 and $13,961 has a volume of 840,640 BTC, more than tripling the Bitcoin bought above $14,869, which means there is extremely low selling pressure above.
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?