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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Just Exploded Higher to $18,300: Here’s What May Come Next

Nick Chong
Nick Chong
1 year ago
2 mins read

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Bitcoin is exploding higher after continued to see bullish strength after the daily close above $17,000. The leading cryptocurrency just minutes ago shot to $18,300, which are highs not seen since the blow-off top of the previous bull market in 2017 and 2018.

Bitcoin is expected to move even higher in the weeks ahead, though some have begun to fear that the market is starting to enter a blow-off top phase.

Prominent crypto-asset analyst Light Crypto wrote recently:

BTC finally starting to show signs of short-term overheating. sold last of calls.

— light (@lightcrypto) November 17, 2020

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Further Gains Ahead for Bitcoin

Analysts are eyeing further gains ahead from a medium-term perspective despite some fears of a short-term drop.

Josh Rager commented earlier today on the Bitcoin rally, eyeing a move toward the previous all-time highs as the cryptocurrency passes key support levels:

“Bitcoin is shredding each resistance on the daily and high time frames With a close over $17,150, the next major daily/weekly resistance would be at $18,953 to $19,187.”

Chart of BTC's price action over the past three years from TradingView.com

Cole Garner, a prominent on-chain analyst, thinks that Bitcoin moves even higher, citing on-chain trends and market trends such as the funding rate and the open interest of futures markets.

He first noted that the aggregated funding rate of the market is still low, suggesting limited long taking. This is important as the number of long positions relative to short positions (on a leveraged basis) has long been seen as a sign of a market top. The fact that leverage on the Bitcoin long side is low adds credence to the rally.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Just Exploded Higher to $18,300: Here's What May Come Next
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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