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Thursday

21 January 2021

Bitcoin traders nervous after $19.5K rejection — Here are the bear, bull scenarios

Bitcoin traders nervous after $19.5K rejection — Here are the bear, bull scenarios


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The price of Bitcoin (BTC) was rejected by the $19,500 resistance level yet again on Dec.

In the short term, traders generally foresee two important support and resistance levels for Bitcoin.

Meanwhile, Bitcoin is becoming more difficult to trade because of the volatility at the $19,500 resistance level.

A pseudonymous trader known as “CryptoGainz” believes that the ideal entry point for Bitcoin traders is now above the $19,500 resistance level.

It shows that whales might be leaving BTC on exchanges to sell if the price of Bitcoin rises.

If Bitcoin rises above the heavily-shorted $19,500 resistance level, buyers have a chance to regain control over the market.

Other traders, like CryptoGainz, similarly said that $19,650 is the level that may trigger a new breakout for Bitcoin in the near future.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, noted that Bitcoin falling under $18,500 would likely mean retesting the $16,000 support area.

Data from CryptoQuant show that Bitcoin futures traders have been using lower leverage as of late.

This indicates that traders anticipate large price swings and potentially steep sell-offs to occur.

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cointelegraph.com
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