Bitcoin price has just passed the previous all-time high on Binance at $19,798 established on December 11, 2017. Minutes ago, BTC managed to reach $19,863 on Binance but hasn’t posted new all-time highs on all exchanges. We just mentioned the potential of Bitcoin cracking the all-time high in our last article.
So far, there was a small rejection from the new all-time high but nothing serious as Bitcoin continues trading at $19,727.
It’s important to note that Bitcoin could be potentially still facing a double top if there is a significant rejection from this point. Bulls are simply hoping to push BTC above $20,000 and close there.
Another interesting option for the buyers would be to trade sideways for a few days between $19,000 and $20,000 before a breakout. Both options are healthy.
Bitcoin Price Analysis
Clearly, Bitcoin is extremely bullish right but the big question is still present, can BTC truly crack $20,000?
If there is one concerning on-chain metric, is the chart of new addresses and active addresses. It seems that the number of new addresses joining the Bitcoin network is increasing, but only slightly at 0.38% in the past week.
This growth is too small considering Bitcoin is on the verge of cracking $20,000. Similarly, the number of active addresses only increased by 1.7% in the past week.
The number of whales holding 1,000 to 10,000 coins decreased from 2,175 on November 24 to 2,159 currently. However, the number of investors that have between 100 and 1,000 coins has increased by 37 in the past two days which means whales remain fairly interested in Bitcoin and are not significantly taking profits despite the run to $20,000.
The next two to three days will be crucial for Bitcoin as bulls need to hold the 12-EMA, currently at $18,000 if there is a major pullback.
The total market capitalization increased again from $488 billion on November 26 to a new 2020-high at $583 billion. Bitcoin’s dominance is also increasing from its low at 59.95% on November 24 to 62.67% currently.
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