BTC Buyers are Building Momentum to Upgrade the High
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BTC Buyers are Building Momentum to Upgrade the High

December 15, 2020      Peter Oleshchuk

The tests for strength were successful. This is a brief description of the previous trading week in the BTC market. The local initiative of sellers throughout the previous week was defiantly stolen over the weekend. Sellers came as close as possible to the range of $17,200-17,400 – which we wrote about in the previous article. The weakness of sellers was in the range of $18,500-18,700. It took them three days to take control of the range and only one day to give it back.

BTC

Basically, the trading volumes were disappointing, which did not even make buyers strain. As a result, BTC buyers were tested and secured a new chance to update the historical high.

READ  Bitcoin's first death cross of 2020 is almost here!

The Final Interception of the Initiative will be Only After Fixing Above $19,300

At the moment, the BTC price has stopped near the scandalous level of $19,300. The fight for it has been going on since 24 November. Breaking this mark and firmly fixing the price above it will be a sure signal for continued growth with the target of $21,300.

BTC

Of course, the BTC price sharp rebound from the recent low of $17,600 is a nice factor for investors. However, price movements within the consolidation are unpredictable and can easily turn the other way. Keeping the range of $18,500-18,700 will be the final confirmation of the determined buyers’ intentions and a new growth wave in the market.

The BTC Impact on the Crypto Market Continues to Grow

BTC dominance in the crypto market is starting to increase again:

However, the nature of its growth from 24 November is alarming. The indicator cannot be fixed above 64.5%. Given the sharp decline in the BTC impact on 21-23 November, a new wave of fall may begin after the renewal of the BTC historical high.

READ  Ethereum Price Might Hit $20K Like Bitcoin As Per Metcalfe’s Law

Being in the range of $18,500-19,300 the BTC price is the least predictable. The local perspective is more possible for growth continuation. But what awaits us there – above $20,000? So far, this mystery is shrouded in darkness.

#BTC dominance #BTC price analysis #Btc price movement
Peter Oleshchuk
Peter Oleshchuk

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.