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Home Technical analysis BTC

Bitcoin Rally Seemingly Unstoppable, Revisits Recent High Around $16K

Tony Spilotro by Tony Spilotro
4 months ago
in BTC
Reading Time: 2min read
bitcoin unstoppable

Fake Dictionary, Dictionary definition of the word unstoppable.

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Bitcoin price continues to be propelled higher from aggressive dip buyers looking to ride the new bull market beyond $20K. But first, the cryptocurrency has to get through just under $16K where it was stopped in its tracks just days ago.

Today, the cryptocurrency is back at the key level and making its third attempt at breaking upward out of what appears to be a bullish ascending triangle pattern. Will the cryptocurrency make it beyond $16K and revisit its previous all-time high?

Bitcoin Retakes $15,900, Less Than $100 Away From Another New 2020 High

After Bitcoin price took out $13,800, in a flash it soared another $2,000 to nearly $16K where it was held from advancing further.

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But the bullish momentum still hasn’t reversed and instead has the cryptocurrency already revisiting highs due to dip buyers aggressively buying up what little BTC supply is left on exchanges.

According to quantitative analysts, there is literally not enough BTC on exchanges for buyers, causing a “sell-side liquidity crisis.” More and more users are moving BTC off exchanges to hold in anticipation for the coming bull market.

Coinciding with this trend, companies like Grayscale and MicroStrategy are scooping up sizable chunks of the supply from other avenues, ensuring there is even less to go around.

bitcoin btcusd triangle

Bitcoin is possibly forming an ascending triangle with a target near ATH | Source: BTCUSD on TradingView.com

All this combined has Bitcoin price rising and it seems as if nothing can stop it much longer from revisiting $20K where the peak was set nearly three years ago.

If the leading cryptocurrency by market cap can break up from the ascending triangle structure supporting the asset with higher lows, then the target very well could be a new ATH.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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