• Bitcoin has broken past psychological price milestone of $20,000.
• BTC/USD has been restricted to a range between values of $16,000 and $18,000 since November 9.
• If buyers maintain the current positive trend, Bitcoin will advance to the next resistance at $21,470 on the upside.
The world’s most popular cryptocurrency, Bitcoin, has been on an impressive run in the past weeks. After breaking past the psychological price milestone of $20,000, the digital asset has managed to maintain its bullish momentum and has now breached further barriers on its way to a higher price of $20.9K.
Since November 9, Bitcoin has been restricted to a range between values of $16,000 and $18,000, however, the largest cryptocurrency has now broken past the $18,391 resistance level and is now preparing to retake the $20,000 psychological price threshold.
On the 11th of January, BTC’s price bounced back three times after breaking through the $18,391 resistance level, and buyers have since taken the lead in pushing the price ahead. If the current positive trend continues, Bitcoin is expected to advance to the next resistance at $21,470 on the upside.
It is worth noting that the market for Bitcoin is dangerously overbought, which could potentially lead to a sell-off in the near future. However, if the current bullish momentum continues, we could see Bitcoin reaching a high of $20.9K in the near future.
The latest surge in Bitcoin’s price has been attributed to increasing institutional interest, as well as the search for a safe-haven asset amidst the recent turbulence in the stock market. Despite the market’s volatility, Bitcoin has managed to remain relatively stable, and its long-term outlook still appears to be positive.
Overall, Bitcoin’s latest surge is seen as a positive sign for the cryptocurrency and its future. As institutional interest continues to grow, it is likely that Bitcoin will remain on a bullish run and reach a high of $20.9K in the near future.