• Bitcoin has broken through the psychological price milestone of $20,000 today
• The initial resistance level of $17,066 was overcome by buyers
• If buyers maintain the current positive trend, Bitcoin will advance to the next resistance at $21,470
The world’s largest cryptocurrency, Bitcoin, has been on a bullish run and has recently broken past the psychological price milestone of $20,000. This milestone is an important one for the cryptocurrency, as it has been restricted to a range between values of $16,000 and $18,000 since November 9.
The first resistance level of $17,066 was successfully overcome by buyers, which allowed BTC/USD to bounce back three times on January 11 after breaking through the $18,391 resistance level. Now, the price of Bitcoin is continuing to surge to new heights, with the current price at $20,887.18, a market cap of $402,377,527,835, a circulating supply of 19,261,431 BTC, and a total supply of $438,693,262,061. With these figures, Bitcoin is currently the #1 ranked cryptocurrency.
As Bitcoin continues to build momentum, it is on track to breach the next resistance of $21,470. However, there is a danger of the market becoming overbought, which could lead to a pullback in the near future. To continue its upward trend, Bitcoin must maintain the current momentum of buyers and break through the next resistances of $50,000, $55,000, and $60,000.
In order to prevent any pullbacks, Bitcoin must also sustain support levels of $25,000, $20,000, and $15,000. As the cryptocurrency continues to rise, it is important to keep an eye out for any resistance or support levels that may be encountered in the near future. With the current bullish trend, Bitcoin is on track to reach new highs and is sure to be a lucrative investment opportunity for those who are willing to take the risk.