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The price of Bitcoin (BTC) continued its upward trend and surged to $19,412 earlier today, setting a new high this year.
Daily cryptocurrency market performance Source: Coin360
Determining the actual historical record of Bitcoin is somewhat controversial, because different exchanges list different data. For example, the peak value of Bitcoin on Coinbase is $19,892, while BitMEX and Binance are $19,891 and $19,799, respectively. Therefore, for most traders, $20,000 may be the key price point to ensure that Bitcoin reaches a record high.
The price of Bitcoin broke the $19,000 mark faster than many people expected, especially after the price of Bitcoin plummeted to $18,000 on the evening of November 23. At the same time, after XRP rose to $0.92, the price of XRP on Coinbase fell by 30%.
Bitcoin price and sentiment chart (hourly) Source: The TIE
Data from the social analytics data platform The TIE shows that as the price of Bitcoin loses its upward momentum on November 22 and November 23, traders expect that Bitcoin may again test the support level of less than $18,000, and trading sentiment is affected. Obviously hit.
Bitcoin price and daily sentiment score Source: The TIE
The TIE founder Joshua Frank said:
“The daily sentiment score measures how positive or negative investors have been in the past 24 hours, rather than a 20-day rolling window. Since Bitcoin approached $16,000 on November 16, this indicator (daily Sentiment) has always been at a positive level (above 50). To keep the daily sentiment score positive, this means that investors must continue to become more and more active. Therefore, if investors have shown a certain degree of positivity in the past 20 days , Then they must show greater enthusiasm in the past 24 hours to maintain their score above 50.”
This shows that despite a sharp correction in Bitcoin prices, such as $18,000 or less, compared with historical price and sentiment data, most people who invest in or track Bitcoin prices are still extremely optimistic about the prospects of this digital asset .
Google search for Bitcoin reaches 2020 highs Source: Google Trends
Google Trends data also shows that as the price of Bitcoin has risen above $19,000, the number of searches for the term “Bitcoin” today has reached the highest level in 2020 today, but this number is still far from the December 2017 high.
What is the next move for Bitcoin prices?
BTC / USDT 4-hour chart Source: TradingView
As shown in the 4-hour chart, Bitcoin rushed to $18,000 and created a double bottom at the key support level. The bulls stepped in to buy at this low point with 3 consecutive high volumes.
At the time of writing, the Bitcoin price has fallen back to the lowest support level of $18,900. If this level cannot be maintained, the next support level is $18,650, which is slightly higher than the 20-day moving average and the high volume node on VPVR.
Similar to the rise to $18,000, a period of consolidation and the establishment of support levels are normal and healthy for maintaining the upward trend.
Matt Blom, Head of Global Sales and Trading at EQUOS, said:
“Bitcoin is working to create a new all-time high. Although it is very close, it is unlikely that it will not break the 2017 record. With the lack of resistance above, people’s thinking shifts to the next key upside target. According to Fibo We believe that the target is 29,100 US dollars.”
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