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

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

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.

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.


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