Bitcoin price is suddenly gaining bullish interest again with USD 20,000 in sight


Bitcoin (BTC) remains in the spotlight after MassMutual became the youngest company to invest $ 100 million of its portfolio in Bitcoin. This adds to the impressive buying pressure at the moment and renews hopes that Bitcoin will break $ 20,000 in December.

While there was a correction last week, the price of Bitcoin jumped above the crucial level at USD 18,600 and is now aiming for new all-time highs. However, since the outbreak occurred over the weekend, a problem for the bulls is the relatively low volume of rebound over the weekend.

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Bitcoin breaks back into the range above $ 18,600

BTC / USD 4 hour chart. Source: TradingView

The 4 hour chart shows everything about the recent Bitcoin move. Initially, the price of Bitcoin fell through the critical support zone at $ 18,500 and fell towards the next support at $ 17,600.

This support zone served as support which resulted in a bullish divergence. Similarly, the bears could not force a collapse below $ 17,600 if buyers stepped in at that level.

From there, the crucial resistance was $ 18,500, which was quickly broken in several hours. This move also resulted in a significant rally towards the all-resistance zone at $ 19,500.

Will Bitcoin re-copy previous moves?

BTC / USD 1-day chart. Source: TradingView

This outlook gives an insight into the structure of areas after an upward impulse. Bitcoin’s price has seen several over the year. The first momentum move came before the halving, the second in August and the last in the last few months.

Every time such momentum movement occurs, a bandwidth is created as markets need to generate strength in order to continue the momentum. Nothing goes up in a straight line and previous levels of resistance must be tested to continue the momentum.