• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin Rallies Towards $24,000 as Market-Wide Uptrend Continues

December 19, 2020
in Bitcoin
Reading Time: 3min read
Bitcoin Rallies Towards $24,000 as Market-Wide Uptrend Continues




  • Bitcoin saw a massive surge higher earlier today that allowed it to break above $24,000 for the first time
  • Where the aggregated crypto market trends in the mid-term may depend largely on whether or not buyers can flip $24,000 into a support level
  • It does appear that the selling pressure just above here is quite intense and may cause it to see continued weakness
  • One trader is now pointing to the resistance just above where BTC is currently trading, noting that it could cause the cryptocurrency to see some continued weakness
  • So far, it does seem to be finding some strong buy-side pressure above this key price region, but it remains unclear as to how long this will last for

Bitcoin and the entire cryptocurrency market are currently caught in another wave of strong buy-side pressure, which has allowed BTC to surmount $24,000 for the first time today.

Where the entire market trends in the mid-term will depend largely on whether or not BTC can find any strong support around $24,000, as bulls and bears are currently battling for control of this level.

One trader is noting that the crypto could see a sharp breakdown after clearing the liquidity at its recent highs.

Bitcoin Rallies Higher as Market-Wide Uptrend Continues 

At the time of writing, Bitcoin is trading up just over 3% at its current price of $23,850. This marks a notable rise from its recent lows of $22,800 set just a matter of hours ago.

Where it trends in the mid-term should depend largely on whether or not BTC can gain a solid foothold above $24,000.

So far, it does not appear that bulls have enough strength to do this, as it rallied as high as $24,200 before facing a strong rejection.

Trader Claims BTC is Likely to Face Intense Selling Pressure 

One analyst explained in a recent tweet that there’s a strong possibility Bitcoin plunges lower in the days ahead, with the cryptocurrency clearing out a key liquidity region with its latest rally past $24,000.

“Bitcoin: Could see another pop higher into the red zone. This is where I’d be trailing stops on my longs if I were in one. Should pop up quickly. Could break down quickly after though. Otherwise we see buyers come up higher to clear through resistance and we fly.”

Bitcoin

Image Courtesy of NebraskanGooner. Source: BTCUSD on TradingView.

Unless Bitcoin can flip this level into a base of support, there’s a strong possibility that it will consolidate or see some near-term weakness.

Featured image from Unsplash.
Charts from TradingView.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BitcoinContinuesMarketWideRalliesUptrend
Next Post
Tiny Capital’s Wilkinson Shows Interest in Bitcoin

Tiny Capital’s Wilkinson Shows Interest in Bitcoin

3 reasons Litecoin is up 54% in 1 week, outperforming the market

3 reasons Litecoin is up 54% in 1 week, outperforming the market

Don't Miss

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls
Bitcoin

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

by Lascena Cryptocurrency News Education
March 5, 2021
0

Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of...

Read more
Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

March 5, 2021
BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

March 5, 2021
Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

March 5, 2021
BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

March 5, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$47,324.00-4.20%
  • ethereumEthereum(ETH)$1,479.40-5.39%
  • tetherTether(USDT)$1.000.20%
  • cardanoCardano(ADA)$1.13-3.79%
  • Binance CoinBinance Coin(BNB)$222.29-7.24%
  • PolkadotPolkadot(DOT)$33.01-8.86%
  • rippleXRP(XRP)$0.4569541.22%
  • litecoinLitecoin(LTC)$173.91-6.55%
  • chainlinkChainlink(LINK)$26.57-8.69%
  • bitcoin-cashBitcoin Cash(BCH)$483.03-6.59%