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Home Technical analysis BTC

Bitcoin Spike Above $16K Rejected At First Weekly Bear Market Resistance From 2018

Tony Spilotro by Tony Spilotro
3 months ago
in BTC
Reading Time: 2min read
bitcoin btc

A regular metal wrecking ball attached to a chain hitting and breaking a face brick

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In the early overnight hours of the morning, Bitcoin price made yet another attempt at pushing beyond the local high of $15,950 and into $16K territory.

And while the attempt was successful at making it through, a powerful $500 rejection send the crypto asset tumbling lower. Here’s a look at the very last level of resistance separating Bitcoin from retesting $20,000.

Bitcoin Rejected Above $16,150, Here’s Why That Level Is So Critical For Crypto Continuation

The first-ever cryptocurrency has had an incredibly bullish 2020, and if the momentum continues, 2021 will be record-setting.

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A new all-time high record could be within months at this point, now that Bitcoin price is trading back above $15,000. After consolidating above the crucial level, Bitcoin made another push higher this morning to above $16,000.

bitcoin btc one week Bitcoin price stopped at weekly resistance from New Year's Day 2018 | Source: BTCUSD on TradingView.com

There, it ran headfirst into resistance set on the very first day of 2018. On January 1, 2018, a weekly close at $16,150 started the bear market. The cryptocurrency never against set a higher high, until just weeks ago.

With a higher low and higher high out of the way, bulls have had the confidence to finally return to that level. Zooming into daily timeframes, the accuracy at which the rally stopped is uncanny.

bitcoin btc one day

The rally could see a correction, but not the end | Source: BTCUSD on TradingView.com

Zoomed in further all the way down to the one-minute candle, is even more shocking. Price action spiked above the key level not just once, but twice on one-minute timeframes, then collapsed by over $500.

bitcoin btc one min

Even on the one-minute chart the resistance level is clear | Source: BTCUSD on TradingView.com

With how strong dip buyers have been absorbing any and all drops, anything is possible at this point. However, if there was at any point a level where Bitcoin could take a breather before a retest of $20,000, this would be it.

Coincidentally, exchange inflows from whales and miners show that big players have started to sell. When the tide finally turns, any correction could get violent quickly.

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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