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26 November 2020

Bitcoin price breaks past $18.8K as bears and bulls map out its path

Bitcoin price breaks past $18.8K as bears and bulls map out its path

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Garner emphasized that the Bitcoin Exchange Whale Ratio has a “history of topping here.”.

The price of Bitcoin (BTC) has stabilized above $18,000 as the market demonstrates strong momentum above what was once a heavy multiyear resistance level.

Following the breakout of Bitcoin, analysts are divided on its future price trend.

Hence, surpassing that level means $13,716 will serve as the major macro support area.

Albeit unlikely, if a deep correction does occur, Fleyshman said that he expects the “palpable” support level at $13,716 “to be the line in the sand support wise to maintain structure.” Whether BTC will see a major correction in the near term still remains uncertain.

Due to the breakout of Bitcoin above $18,500, analysts have said that the market sentiment around Bitcoin is generally optimistic.

Before the breakout of Bitcoin above $18,500, a pseudonymous trader known as “Benjamin Blunts” said that BTC left a sideways structure that formed in the previous 48 hours.

Considering various trends Bitcoin has seen in the eight months since the March crash, Hirsch told Cointelegraph that there is a high probability Bitcoin will test $25,000

If Bitcoin breaks past $20,000, it would mean that BTC will look to explore a new ceiling

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