Bitcoin compels to trade around $19.5k for the longest time against the US Dollar and has been as close as $19.9k to its All-Time High, which is $20k, and hit a fresh one; it needs to maintain its stance at or above the latter. The previous month has been a gainer for Bitcoin and the altcoins until the dip in the last week that led to BTC trading at $16.1k and retrieving above $19k at the onset of the ongoing month.
Although Bitcoin trades close to its ATH, everyone is still gazing and awaiting the sight when Bitcoin will be $20k and above. The uptrend remains constant and, in this regard, Bitcoin is surrounded by many positive sentiments about it hitting $100k sooner than ever, but the near-term target stays clear at $20k to $25k.
With Bitcoin regaining the lost limelight after 2017, we cannot ignore the fact that this time it has turned up all the better and more significant in terms of acceptance and market capitalization in comparison to the previous 3-year ATH. As per the Bitcoin news updates, German Bank is now extending access to Bitcoin and Ethereum funds after working for over 40 years now.
— Lark Davis (@TheCryptoLark) December 6, 2020
Back in time when banks were completely opposing Bitcoin’s growth and development in the name of scam and manipulation, the former is now opened to accept this commendable technology. With its ATH close to reoccurring, Bitcoin is center staged and is believed to have complete protection by the First Amendment, wherein every transaction in Bitcoin will be believed to be a Bond and nothing less than a trail of email leading to a speech like protocol.
This is innovation without government interference, but not regulating and taxing capital gains, and investments will be the last thing to eliminate other scams related to cryptocurrencies.
#Bitcoin is open source software that should be protected by the First Amendment. It is a system of relaying messages (speech) that is, in essence, no different than the email protocol. Regulating/taxing Bitcoin will lead entrepreneurs to flee the US for friendlier jurisdictions.
— Vijay Boyapati (@real_vijay) December 7, 2020
The current price is an added advantage of amplifying Bitcoin’s power, and the current Bull market is the rhyme of 2017’s Bull leg. Similar trends were observed in 2017 before the steep crossover straight to $20k, the only difference this time being the stringent resistance faced between $19k to $19.5k.
Bitcoin Price Analysis
Today at the press time, Bitcoin price was seen trading at $19.2k with the bearish candlewick breaching the upper band. However, the Bollinger Bands are seen squeezing, and therefore, a near-term breakout is predicted. The spike in the price of BTC/USD after drawing to weekly supports at $16.1k is a notable movement despite the current consolidation.
Bitcoin is retaining support as of now at $19.1k and $17.9k from 50-day and 200-day 3-hourly MAs. The MACD chart is seen having an intersection of MACD line and signal line and the RSI of the foremost coin is lying at 55.48 with no steep crossovers.