Bitcoin Price Just Hit $17,000 !! Will It Sustain or Get Rejected?

coinpedia.org 2020-11-17 13:11
Reading time: ~3 m

With the new week, the world’s largest cryptocurrency by market value is on a boom. Bitcoin price has been showing significant strength as it rallied more than 10% from the past week.

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Apart from Bitcoin, major altcoins and Defi tokens are showing massive surge. ETH, XRP, LTC, YFI, YFII LINK, DOT, TRX, bitcoin cash, and ADA showing significant gains. 

Also, ETH price just broke the $460 resistance and it seems like the bulls are aiming for more upsides above $470. Additionally , the XRP price also performed well, as it broke the $0.285 and $0.292 resistance levels.

However, Bitcoin is always the talk of the town, BTC price finally managed to clear the main $ 16,500 resistance zone. As a result, there was a massive surge above $16,700. The price traded close to $16,900 and it is currently consolidating gains above $16,933.54.

Bitcoin Price Just Broke $17k 

BTC price

After a successful close above USD 16,500, bitcoin price gained bullish momentum. BTC climbed above 4% and it traded close to the USD 16,900 level. The price is now consolidating gains, with an initial support at $16,933.54. 

The first major support is now forming near the USD 16,500 level (the recent breakout zone). On the upside, the $16,800 level is a short-term resistance. A price just broke $16,800 and perhaps increased the chances of a test and broke the $17K level.

At Press time, according to trading view, data Bitcoin price is trading at $17,010 with 4% gains. Bitcoin is currently holding a market cap value of $314,639,645,369 with trading volume $35,067,398,569.

Analyst Shared Possible reasons Behind BTC price Rally 

– 1yr HODL % still really high? Yep
– bitcoin being rushed off exchanges? Yep
– funding still neutral? Yep
– Institutions still buying? Yep

Cool, See you at $22k in a few weeks when price reaches the 350dma x 2 of the Golden Ratio Multiplier. pic.twitter.com/pI84kJwmhh

— Philip Swift (@PositiveCrypto) November 16, 2020

Philip Swift, a Bitcoin (BTC) analyst and the creator of Lookintobitcoin.com, laid out four reasons why BTC is headed to $22,000.

Crypto Twitter Rejoice with Bitcoin Price Rally 

$BTC | #Bitcoin

Price has just broken through the $17.000 level in what's looking to be the 7th green weekly candle in a row.

And we're only just getting started.🚀 pic.twitter.com/xdUqhzUPrN

— Lenny (@TraderLenny) November 17, 2020

Popular crypto trader Lenny tweeted that this seems to be the seventh week in a row that Bitcoin’s price will print a green candle—showing that the price rose over the last week.

BTC – correction at local times, builds a wedge, up to $ 16,500 – $ 16,400, a quite healthy pattern formation (must overcome $ 17,500 this week). #Bitcoin #BTC #cryptonews #Crypto pic.twitter.com/h8M4Gq8rio

— CryptoNews (@cryptofeednews) November 17, 2020

On the other hand, Cryptofeednews shared a chart saying Bitcoin Price might hit $ 17,500 this week as the chart indicates healthy pattern formation.

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