The Latest Bitcoin Rally
Bitcoin (BTC) has officially outdone itself, shattering expectations and blasting through the $18,000 mark for the first time in three years as of November 17. With a stellar surge that pushed prices to a staggering $17,858, the cryptocurrency has only added to its growing reputation as a financial powerhouse.
Resistance Levels Are History
This surge comes after analysts anticipated a tough fight in the $17,100 to $17,300 range, which had been marked as a formidable resistance level. However, Bitcoin’s recent performance has left many analysts like Decentrader’s Filbfilb speculating that the bullish momentum could continue if critical support levels hold strong.
“The current PA could still easily result in a blow-off towards the Golden Ratio Multiplier, currently at 19K,” tweeted Filbfilb, igniting excitement among traders.
Peeking Above Previous Highs
According to weekly chart assessments, Bitcoin is tantalizingly close to reclaiming its all-time high from December 2017, set at $19,763. And by analyzing the volume profile visible range (VPVR) across different timeframes, it becomes apparent that there’s minimal resistance lingering above the $17,000 level.
- Current price: $17,858
- 2017 all-time high: $19,763
Time for a Consolidation? Not Quite!
While many market players expected a period of stabilization between the $17,500 to $17,700 mark, bullish sentiment seems to persist. Bitcoin has surged an impressive 13.06% since decisively breaking through the $16,000 ceiling, making a healthy consolidation period part of the conversation—though not necessarily a requirement.
What Lies Ahead: The Institutional Impact
As Matt Blom, the head of global sales trading at EQUOS, points out, the landscape of Bitcoin trading has evolved significantly. This rally seems to be propelled not solely by retail traders experiencing FOMO, but by institutional investors entering the fray with significant capital.
“The fact the market is rallying during the institutional working week suggests that real money has arrived, potentially softening any expected pullbacks,” explained Blom, noting that previous rallies have not seen this type of institutional involvement.
