Bitcoin Price Holds Above $20,000, Will A Breakout Follow?

The bitcoin (BTC) price is still dangling just above $20,000. Many investors are holding their breath, awaiting a possible further breakout downwards. Market sentiment is therefore still “extremely anxious.”

Bitcoin price just above $20,000

The situation has actually been the same for days. After bitcoin failed to break through the USD 25,000 in mid-August, the price has descended again to the important support zone at USD 20,000. This zone is important because it is the top of the bullmarket in 2017. If we fall through this, it can suddenly go fast.

At the time of writing, the price of bitcoin is $20,090 on crypto exchange Coinbase. On the Dutch crypto exchange Bitvavo, the bitcoin price in euros is €20,107.

It is possible that BTC will pick a side in the coming hours. The 50-moving average (MA) is currently just above the current price. This MA can act as resistance and push the price further down. However, a breakout above could lead to a further rise.

Down, support at $19,000 is important initially. Up is a first possible resistance near USD 20,8000.

‘Respect the BTC price trend’

In the latest bitcoin news it can often be read that analysts are quite divided about the current situation; is this the bottom or are we descending a lot further in the near future? Analyst Bierre sees a clear trend on the 4-hour chart, which is downward. This morning he tweeted that this trend is unchanged.

Another analyst, Kaleo, also sees a steep downward trendline. The price is currently trading just below this trend and so there may be an answer soon as to whether this trend will again hold or break.

Bitcoin hodlers keep hodling

All in all, many bitcoin investors continue to hold their BTC firmly. on chain Analysis platform Glassnode shows with a graph that the percentage of bitcoins that have not moved in two years has risen sharply. No less than 45.1% of all bitcoins have been standing still for two years!

What do you expect from the bitcoin price? Join the conversation in our Discord with our analysts, coaches and fanatic members!

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