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.
Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.