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Bitcoin hits 2-week high breaking last big resistance before $20K

The attempt to reach $20,000 resistance reignites with Bitcoin reaching its highest level since the beginning of December.

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.

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