Bitcoin price suddenly regains bullish momentum with $20K in sight

[Quantum X]

Bitcoin price suddenly regains bullish momentum with $20K in sight

The price of Bitcoin has broken through crucial resistance in weekend trading.

Bitcoin (BTC) remains in the spotlight after MassMutual became the latest company to allocate $100 million of its portfolio into Bitcoin. This is adding to the impressive buy pressure at the moment, renewing hopes of Bitcoin breaking $20,000 in December.

While a correction occurred in the past week, Bitcoin’s price bounced above the crucial level at $18,600 and is now targeting new all-time highs. However, since the breakout occurred during the weekend, one concern for the bulls is the relatively low volume of the bounce during the weekend.

Bitcoin breaks above $18,600, back into the range


BTC/USD 4-hour chart. Source: TradingView

The 4-hour chart tells everything about the recent move of Bitcoin. Initially, Bitcoin’s price fell through the crucial support zone at $18,500 and dropped towards the next support at $17,600.

This support zone held as support, resulting in a bullish divergence. Similarly, the bears couldn’t force a breakdown below $17,600 with buyers stepping in at this level.

From there, the crucial resistance was $18,500, which was quickly broken in several hours. This move also saw a substantial rally toward the all-time high resistance zone at $19,500.

More from here:
https://cointelegraph.com/news/bitcoin-price-suddenly-regains-bullish-momentum-with-20k-in-sight

[TomPluz]

Bitcoin has been fighting a good upward movement towards breaking the ice of $20K...this can happen sooner than I am expecting. While December is considered not to be really good for cryptocurrency because we have a spending mood at this season maybe Covid-19 is putting a cap on the tendency for people to spend hence not so many are converting their cryptos to hard cash. I am hoping the same bullish momentum can still be so true come the 1st quarter of 2021.

[Bobcrypto]

Yes, the bull run momentum is still very active, it is becoming very clear that we are experiencing the longest bull run in the history of ceypto. I am very optimistic that the  bull run will touch 2021 and could maintain the current price trends to a new all time high.
I think 2021 bitcoin/altcoins  performance may be better than the 2020 records. A new record bigger than the previous years ( 2017, 2018, 2019, and 2020) may be achieved