Bitcoin Bulls Aim Past $20,000 Level

The next few days will be a busy time for Bitcoin bulls to make a big advance and lift BTC from the pit.

Throughout today’s trading session, the market’s performance has been bullish. CoinGecko reports that bulls are driving prices higher for nearly 80 of the top 100 cryptocurrencies. Only six of the most significant losers have been flagged by the site so far.

CoinGecko has identified Bitcoin as one of the top advancing currencies. With a 24-hour market volume of $34.7 billion the currency has seen a massive increase in value in the last few hours.

The bullish trend in Friday’s market for other cryptocurrency, including Ethereum, is consistent with this price increase.

But looking at the big picture, Bitcoin is still far below its August high of $25,000, when it first reached its current value, but in fairness, it already has its sights past the  $20K barrier.

As shown in the graph, Bitcoin attempted to consolidate its price range over the course of 45 days.


Bitcoin Bulls resist downward pressure

Bitcoin tried to lower volatility between August 19th and August 26th. Bitcoin’s price fluctuated between $21,897 and $20,790.

Despite the bulls’ best efforts to stabilize the price of the coveted token on August 26, its value continued to decline.

These previous price moves scared traders and investors. The indicators were sending strong sell and bearish signals. Recently, however, the bulls have accelerated and given Bitcoin the boost it needed to make a run for big.


Using the Fib retracement tool, the $19,141 support line can be identified at the 78.60 Fib level. Bitcoin bulls are currently above the levels of 61.80 and 50. 38.20 and 23.60 Fibonacci.

Furthermore, the real-time data shows that bulls want to consolidate their gains. While they try to stabilize above the $20,321 support line, they also examine the strength and potential resistance at $20.821.

You Can’t Go Beyond the $20K Mark

Two levels are also important in the near future. Prior to Bitcoin’s entry onto the scene with bullish activity, two support ranges sustained this movement.

Fibonacci levels 100, 71.80 are highlighted. At these two crucial junctures, the future fate of market reversal is decided. Bitcoin may not recover if the bears lower the price and then break through.

If bulls continue to overcome $20,828.14 resistance the current price reverse will bring about the relief rally traders and investors have been waiting for.

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Featured image by TechSpot. Chart from

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