Bitcoin reached its highest rate in two weeks on December 15 when fresh bullish action took the biggest cryptocurrency to nearly $20,000.
Cointelegraph Markets, TradingView and Coin360 data shows BTC/USD touching $19,760 during Wednesday’s trading.
The step reverses the bearish sentiment which as recently as Tuesday, characterized the market. Bitcoin saw lows of $17,550 before reversing upward, despite struggling to break resistance between $19,500 and $20,000 during December.
The re-emergence of buyer support accelerated this week, with Bitcoin displaying a strong willingness to once and for all quash the big seller wall at $20,000. As Cointelegraph noted, nothing is in the way for Bitcoin above $20,000 as it enters uncharted territory, with only limited selling planned at higher prices.
“#Bitcoin breaking above the resistance zone, which is close to a new all-time high. Bullish!” Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers about the latest movements. “However, you’d want this red zone at $19,400-19,500 to become support. If that happens, price can continue towards $20,500-21,000.”
In the meantime, Quant analyst PlanB indicated that U.S. reports deciding to a $900 billion coronavirus stimulus package led to Bitcoin’s profits. Bitcoin circled $19,800 at press time as volatility remained heightened over short timeframes.
