• Bitcoin is currently trading just below the $21,000 mark and is facing a possible drop to $20,000.
• Bitcoin has reached a high of $21,378, but is now facing resistance at the historical price level of $21,470.
• If the current support persists, the bullish trend will continue. If the bears breach below the $20,000 support, the present upswing may come to an end.
The world’s largest cryptocurrency, Bitcoin, is currently trading just below the $21,000 mark but faces a possible drop to $20,000. Despite the current price surge, it is difficult for Bitcoin to stay above its recent high. Yesterday, BTC rose to a high of $21,378 before falling back. The cryptocurrency is now circling the psychological $20,000 mark.
Bitcoin’s price has seen a considerable increase over the past few days, reaching a high of $21,378. However, this historical price level has become a resistance level as buyers are beginning to experience bullish fatigue. As of now, the price of Bitcoin is slightly above the $20,000 level of support, indicating that if the current support persists, the bullish trend will continue.
On the other hand, if the bears breach below the $20,000 support, the present upswing may come to an end. If that happens, the cryptocurrency will continue to fall below the $18,391 breakthrough milestone. In order to maintain the current upswing, Bitcoin must break the resistance level of $21,470. If it is able to do so, it could embark on a surge to new highs of $22,794 and $25,068.
At the moment, it remains to be seen how the market will react to Bitcoin’s current price movements. Investors should keep an eye on the $20,000 level of support and the $21,470 resistance level to get a better understanding of where the price of the cryptocurrency is headed.