- Bitcoin overcomes two distinct hurdles in less than 48 hours to trade at levels not seen since early 2018.
- Bulls ignore overbought conditions and they relentlessly fight for a break above $18,000.
The flagship cryptocurrency is focused on ascending to all-time highs, preferably before November ends. BTC closed in on $17,000 on Monday but hit a wall at $16,895 as reported. The bell whether cryptocurrency stalled to confirm support above $16,500 before it resumed the uptrend.
The bullish leg above $17,000 happened in successive bullish candlesticks, giving bulls complete control over the price. BTC spiked towards $18,000 but hit a new yearly high at $17,879. Bitcoin has not exchanged hands at this level since early 2018.
At the time of writing, Bitcoin is trading at $17,700, as buyers fight to resume the uptrend. The Relative Strength Index (RSI) already highlights overbought conditions, suggesting that a reversal is likely in the near term.
BTC/USD 4-hour chart
On the downside, higher support, perhaps above $17,500 will ensure that Bitcoin holds firmly to the gains accrued since Monday. Moreover, buyers will have ample time to plan the next key mission of breaking the hurdle at $18,000. It is worth noting that with $18,000 in the rearview, investors can begin to be certain that Bitcoin will achieve new yearly highs before the end of the year.
Despite overbought conditions and the obvious signs of a reversal, BTC/USD is largely in the hands of the bulls. The bullish outlook is reinforced by Bitcoin price trending upwards above the 50 Simple Moving Average, 100 SMA and 200 SMA. For now, the path with the least resistance remains upwards. However, the anticipated correction might seek refuge at $16,100, $15,400 and $14,000.
Bitcoin Intraday Levels
Spot rate: $17,727
Relative change: 54
Percentage change: 0.3%
The post Why Bitcoin price is bound to hit $20,000 before November 2020 ends? appeared first on Coingape.