Bitcoin faces an all-time high of $ 20,000 before this final zone of resistance

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Bitcoin (BTC) traders set the order books of major exchanges, showing that the $ 19,500 level is a short-term resistance level.

Bitcoin rejects $ 19,500 for now

On November 25, Bitcoin price was declined at $ 19,500 with a relatively large volume on the top spot exchanges. For example, at Binance, the BTC price hit $ 19,484 before falling slightly below $ 19,300.

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BTC / USDT 4-hour chart (Binance). Source: TradingView.com

The minor rejection was likely due to the stacks of sell orders between $ 19,450 and $ 19,550.

A popular pseudonymous trader known as the “Byzantine General” shared the order books of all major exchanges, with $ 19,500 shown as a key area for sellers.

Vijay Boyapati, a Bitcoin researcher, also said the $ 19,500 to $ 19,550 range remains the last wall of sales before a new all-time high.

If Bitcoin doesn’t retest the $ 19,500 area in the next few hours, it could mean another decline is likely. Given that this would be the last stand before the new all-time high, traders are expecting some reaction from sellers.

Another small pullback would benefit Bitcoin as it would further neutralize the futures funding rate. The refinancing rate of BTC futures has risen again to 0.07% on Binance futures and other exchanges.

Given that Bitcoin’s average funding rate is 0.01%, another short-term decline to reset the derivatives market could actually add to the upward momentum.

Shorts, which have been at an invisible level since April, are a variable

However, one variable to consider is that the number of shorts in the Bitcoin market is the highest since April.