Bitcoin in bull mode: Upward trend shows no signs of slowing

Posted by on 15. Dezember 2020

  • Bitcoin has climbed higher and higher in recent days and weeks, with sellers completely unable to make up ground against bulls.
  • BTC has now moved above the $19,000 mark, which for a long time was a strong resistance that has triggered several volatile sell-offs.
  • Now that Bitcoin is firmly above this level, it could be well positioned to see a significant further increase in momentum in the near future.
  • One analyst notes that the absence of a break below key support levels during the uptrend suggests that further rallies are imminent.

Bitcoin and the crypto market as a whole are looking strong from day to day, with Bitcoin taking full control of the trend in the aggregated market, while analysts are predicting further short-term rallies.

The selling pressure that has been seen recently has been fully absorbed, with each bear trend only lasting for a short period of time.

This trend is common in bull runs and could indicate that a breach of the all-time highs of the crypto currency is imminent in the coming days and weeks.

One trader commented in a tweet that the absence of any support breaks indicates that there is no reason to suspect an impending downturn yet.

Bitcoin bulls heading for an all-time high

Bitcoin is currently traded for $19,020, so it is now only a few hundred dollars away from reaching new all-time highs. Even though there may be serious resistance at this price level, a break above it could trigger the pricing mode.

Where the market will go in the medium term depends largely on whether or not it can continue to hold above the important price level of $19,000 in the near future.

BTC defends important support levels

One trader comments that Bitcoin Circuit has not yet dropped below one of its key support levels during its several week long uptrend.

This means that there is a good chance that it will continue to push higher in the medium term.

„BTC-Update: Nothing has changed, we have not lost support yet. The recent consolidation in the last few days is now a pretty decent new rebound, a lot higher than the last one. Change gears as soon as one breaks down.“

As long as Bitcoin continues to hold above its main support levels, it is very likely to set new all-time highs in the near future.