The Bitcoin price has just gone through a pre-Christmas rally, hitting the $ 7,500 mark. That being said, BTC has a number of factors suggesting that 2020 could start off bullishly.
For now, the Bitcoin price has avoided a crash to $ 5,000
In fact, it was thought that BTC would drop to $ 6,500 and fall lower in early 2020. But then BTC experienced a recovery in late Sunday that wiped out the previous losses.
Bitcoin price has risen to a high of $ 7,518 and continues its upward trend this Monday.
Now Bitcoin faces new resistance at $ 7,800 – and it has the potential to win back $ 8,000. The celebrity trader CryptoMichael predicts this.
He believes that BTC will be in its support and resistance area in the next few days. The rise may not be continuous, with potential moments to shorten the coin.
For now, BTC has avoided the worst scenario of a sustained downward slide and even went through a short-term year-end rally. This time, the surge has been around $ 26 billion in the past 24 hours, triggering the surge during the relatively inactive trading times.
USDT activities and futures are increasing
The increase was partially triggered by higher activity in tether trading, which climbed from a low of almost 60% to over 71%. The most recent increase came after a period of stabilization near the $ 7,200 mark.
BTC is now under pressure in both directions again, which could lead to further shorting battles and new highs.
The only thing keeping me for going net short
Open interest and volumes rose immediately on most crypto-based exchanges, allowing more bets on price developments to be placed. OKEx had the highest volumes – over $ 3.67 billion yesterday. Activity in Bakkt futures is also increasing.
2020 will answer the question of a halving rally. The event, which will take place around 147 days in May, could either trigger a rally or generally drive BTC to a higher range.
The current Bitcoin price rally could also be a forerunner of the halving, as 2020 is generally seen as a positive period for the number 1 cryptocurrency – albeit with no guarantee of new all-time highs.