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What’s Next For Bitcoin After Rebounding To $18,000

  • Bitcoin price has held the $17,200 support level, putting its all-time high once again within reach. Bitcoin has rallied 75% over the last three months and almost 400% since March making it the best-performing asset of 2020.
  • A clear resistance zone is marked around this all-time high and, thus, may serve as a trigger for investors to take some profits off the table, but more important is that the 1.618 Fibonacci extension was also reached.
  • The Fibonacci tool is a powerful indicator to mark potential tops and bottoms, and the 1.618 level is arguably the most substantial.
  • The total market capitalization of cryptocurrencies has arrived at the next and final resistance zone before a possible new all-time high: $500 billion is likely to be a significant hurdle to overcome.
  • If the cryptocurrency market starts to correct, the most likely area for a support/resistance (S/R) flip is around $380 to $400 billion. This level hasn’t been backtested yet, as an S/R flip here would certainly be a bullish sign for more upside.
  • Read the full story here

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