Bullish people are eager to buy every drop in Bitcoin price, but is this enough to avoid repeated settlements at $19,500?
For the second day in a row, Bitcoin bulls have attacked the $19,500 level in an attempt to shift the crucial resistance level to support.
Every attempt to break through the resistance has been rejected near USD 19,550, but the rapid recovery of Bitcoin since the Dec. 14 drop to USD 19,050 shows that investors are still interested in buying every significant drop.
For the moment, the general consensus among traders is that converting USD 19,500 into support will open the door to a new historical peak of USD 20,000 or more. According to Cointelegraph contributor Micheal van de Poppe:
“If we have a break above resistance and mark a new historical peak, it is more important to see the area of $19,400-19,500 become support rather than reach that peak.
DeFi tokens rise while Bitcoin bullishers try to turn the $19,500 into support
Van de Poppe also explained that the current bearish convergence in the daily time period is not confirmed and emphasized that if the Bitcoin price doesn’t recover the USD 19,500 as a strong support, the possible result is that the price will fall to USD 18,500 where traders will look for a better entry.
Even if Bitcoin has trouble holding on to $19,500, the daily chart shows that the price continues to hit higher highs on a daily basis. Since recovering from the Dec. 11 drop to USD 17,586, BTC has also established higher daily spikes, which is a future sign that the digital asset is in a strong uptrend.
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While Bitcoin’s price is trying to negotiate in a new range, some altcoins rose with double-digit spikes.
The Bitcoin price consolidated before continuing the upward trend in 2021
The price of Elrond went up 28% during the day and has now gone up 115% in the last two weeks. SushiSwap’s governance token, Sushi, also went up 9.84% to USD 2.80 and has gone up 44% in the last 4 days.
Bancor was the most notable winner of the day, as it secured a 34.5% rebound to USD 1.70 while the Coinbase Pro listing news took place today.
According to CoinMarketCap, the overall capitalization of the crypto currency market is now USD 566.6 billion and the Bitcoin domain rate is 63.6%.