Bitcoin bulls attacked the $ 19,500 level on the second day, attempting to turn the key level from resistance to support.
Any attempt to break resistance was reversed around $ 19,550, but Bitcoin’s rapid recovery from December 14 to $ 19,050 shows investors are still willing to buy a sharp decline.
There is currently a general consensus among investors that reversing the $ 19,500 support level will open the door to a new all-time high i.e. $ 20,000 or more. According to Cointelegraph author Michael van de Poppe:
“If you break the resistance level and press a new ATH, it is important to support the $ 19,400 to $ 19,500 range instead of reaching ATH.”
Van de Poppe also stated that the current bearish convergence is not confirmed in the daily time frame. He stressed that if Bitcoin’s price does not push back $ 19,500 as a strong support, the likely outcome is that the price will drop to $ 18,500. Players will look for a better chance of acceptance.
Although Bitcoin struggles to stay at $ 19,500, the daily chart still shows that prices continue to hit daily highs. Since December 11, it has continued its decline to $ 17,586. BTC also reached daily highs indicating that the digital asset is in a strong uptrend.
Although Bitcoin prices tried to trade in the new range, some altcoins saw double digit gains.
Elrond prices rose 28% that day and are now up 115% in the past two weeks. Managed by SushiSwap, Token Sushi also rose 9.84% to $ 2.80, which means a 44% increase in the last 4 days.
The highest rising stock that day was Bancor. In today’s listing news of Coinbase Pro, the stock rose 34.5% to $ 1.70.
According to CoinMarketCap data, the total market cap of cryptocurrencies is currently $ 566.6 billion and Bitcoin’s dominance rate is 63.6%.