Bulls buy the dip again after Bitcoin price rejects at a key resistance level

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For the second day in a row, Bitcoin bulls have attacked the $19,500 degree in an try and flip the essential degree from resistance to help. 

Every try to beat the resistance is has been rejected close to $19,550 however Bitcoin’s swift restoration from the Dec. 14 drop to $19,050 reveals that traders stay interested by shopping for each important dip.

Crypto market day by day value chart. Supply: Coin360

For the time being, the overall consensus amongst merchants is that flipping $19,500 to help will open the door to a brand new all-time excessive at or above $20,000. In line with Cointelegraph contributor Micheal van de Poppe:

“If we get the breakout above the resistance and we print a brand new ATH, it is extra essential to see the $19,400-19,500 space change into help slightly than hitting that ATH.”

Van de Poppe additional defined that the present bearish convergence on the day by day timeframe is just not confirmed and he confused the if Bitcoin value fails to reclaim $19,500 as sturdy help the possible consequence is that the value will drop to $18,500 the place merchants will search for a greater entry.

BTC/USDT day by day chart. Supply: TradingView

Whilst Bitcoin struggles to carry onto $19,500, the day by day chart reveals the value persevering with to make day by day larger lows. Since recovering from the Dec. 11 drop to $17,586. BTC has additionally made day by day larger highs which is an additional sign that the digital asset is in a robust uptrend.

Bitcoin day by day value chart. Supply: Coin360

Whereas Bitcoin value makes an attempt to commerce in a brand new vary, a handful of altcoins pushed larger with double-digit rallies.

Elrond value surged 28% throughout the day and is at the moment up 115% previously two weeks. SushiSwap’s governance token, Sushi, additionally rallied 9.84% to $2.80 and is up 44% over the previous 4 days.

Bancor was probably the most notable gainer of the day because it secured a 34.5% rally to $1.70 on the information of the Coinbase Professional itemizing that passed off immediately.

In line with CoinMarketCap, the general cryptocurrency market cap now stands at $566.6 billion and Bitcoin’s dominance fee is 63.6%.