Bitcoin (BTC) hit its highest levels in two weeks on Dec. 15 as fresh bullish action took the largest cryptocurrency to near $20,000.
BTC price highest since Dec. 1
The move reverses bearish sentiment which characterized the market as recently as Tuesday. After failing to crack resistance between $19,500 and $20,000 throughout December, Bitcoin saw lows of $17,550 before reversing upwards.
This week, the reemergence of buyer support intensified, with Bitcoin showing a clear desire to quash the major seller wall at $20,000 once and for all.
As noted, beyond $20,000, little is in the way for Bitcoin as it hits uncharted territory, with only minor selling planned at higher levels, data shows.
“However, you’d want this red zone at $19,400-19,500 to become support. If that happens, price can continue towards $20,500-21,000.”
Quant analyst PlanB meanwhile suggested that reports of the United States agreeing on a $900 billion coronavirus stimulus package was contributing to Bitcoin’s gains.
At press time, Bitcoin circled $19,700 as volatility remained heightened on short timeframes. Stock markets were also up on the day.