Bitcoin Bulls Aim Past $20,000 Level – How Hard Can They Charge Forward?

Christian Encila

2 years ago

3 mins read

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Bitcoin bulls have their hands full in the next days to carry out a strong advance to lift BTC out of the pit.

Throughout today’s trading session, the market’s performance has been bullish. CoinGecko reports that bulls are driving prices higher for nearly 80 of the top 100 cryptocurrencies. The site has only flagged six coins as the biggest losers so far.

CoinGecko has identified Bitcoin as one of the top advancing currencies. With a 24-hour market volume of $34.7 billion the currency has seen a massive increase in value in the last few hours.

This increase in price is consistent with the bullish trend seen in the market for other cryptocurrencies Friday, which includes Ethereum.

But looking at the big picture, Bitcoin is still far below its August high of $25,000, when it first reached its current value, but in fairness, it already has its sights past the $20K barrier.

As shown in the graph, Bitcoin attempted to consolidate its price range over the course of 45 days.

Chart: TradingView.com

Bitcoin Bulls Resisting Downward Pressure

Bitcoin attempted to reduce volatility between August 19 and August 26. Bitcoin’s price fluctuated between $21,897 and $20,790.

Despite the bulls’ best efforts to stabilize the price of the coveted token on August 26, its value continued to decline.

Investors and traders were frightened by these previous price movements, as their indicators transmitted strong bearish and sell signals. But recently, bulls sped up and gave Bitcoin the push it needs to attempt a big run.

Chart: TradingView.com

Using the Fib retracement tool, the $19,141 support line can be identified at the 78.60 Fib level. As of the time of writing, Bitcoin bulls have broken through the 61.80, 50, 38.20, and 23.60 Fibonacci levels.

In addition, real-time data indicates that bulls are attempting to consolidate their gains. As they attempt to settle above the next likely support line at $20,321, they are also testing the strength of the next resistance range at $20,821.

Gunning Past The $20K Mark

Additionally, we can identify two levels that will be significant in the coming days. Prior to Bitcoin’s entry onto the scene with bullish activity, two support ranges sustained this movement.

The highlighted regions are the Fibonacci levels 100 and 71.80. The fate of the current market reversal will be decided at these two upcoming junctures. If the bears push the price below these levels and break through, a Bitcoin recovery may not occur at this time.

If the bulls persist and overcome the $20,828.14 resistance, the current price reversal will be the relief rally that investors and traders have been anticipating for months.

BTC total market cap at $399 billion on the daily chart | Source: TradingView.com
Featured image from TechSpot, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.