The long wait is over. Bitcoin has finally managed to peak above the coveted $20,000 and setting a brand new all-time high. Apart from a brief period back in 2017 on one particular exchange, the coin hasn’t traded above this level throughout its history.
To say that the last couple of months have been exciting for Bitcoin aficionados would be an understatement. The primary cryptocurrency went on a streak, increasing tremendously, dragging the entire market capitalization with it.
However, over the past few weeks, things have been somewhat stagnant and even rather worrisome. Since breaking its 2017 previous ATH in recent November, Bitcoin made a few unsuccessful attempts at $20,000 and retraced substantially after each one. This caused quite a few analysts to consider the possibility that maybe the gas tank of the latest rally is now empty.
BTC, having a mind of its own, decided to recharge for yet another leg up and finally broke above the coveted $20,000, setting a new all-time high.
It’s worth noting that this is largely considered to be a price discovery territory because the cryptocurrency hasn’t traded above it yet.
Technically, BTC touched $20,093 on BitMEX Exchange back in 2017, but it could be argued that this is because of the price formation methodology used by the exchange’s engine. Given that it hasn’t surged past it on any other exchange, it remains well-accepted that the territory above $20,000 is still uncharted.
Therefore, anything can happen. However, a while back, we reported that there are a few important resistance levels based on strict technical indicators that might come into play.
Namely, these are $21,050, $22,200, and $23,800. Of course, it remains interesting to see how the cryptocurrency will perform. It’s also the holiday season around the world, and with it usually comes serious volatility.
It remains critical to be very careful when the volatility on the market is so high. Time your entries, don’t chase FOMO waves, and make sure to have a clear strategy to follow. Don’t forget that there are always opportunities on the market, and missing a move doesn’t mean you’ve missed your chance.
