{"id":449528,"date":"2020-11-11T17:42:17","date_gmt":"2020-11-11T17:42:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=449528"},"modified":"2024-06-11T14:08:16","modified_gmt":"2024-06-11T14:08:16","slug":"bitcoin-rally-seemingly-unstoppable-revisits-recent-high-around-16k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rally-seemingly-unstoppable-revisits-recent-high-around-16k\/","title":{"rendered":"Bitcoin Rally Seemingly Unstoppable, Revisits Recent High Around $16K"},"content":{"rendered":"
Bitcoin price<\/a> continues to be propelled higher from aggressive dip buyers looking to ride the new bull market beyond $20K. But first, the cryptocurrency has to get through just under $16K where it was stopped in its tracks just days ago.<\/p>\n Today, the cryptocurrency is back at the key level and making its third attempt at breaking upward out of what appears to be a bullish ascending triangle pattern. Will the cryptocurrency make it beyond $16K and revisit its previous all-time high?<\/p>\n After Bitcoin price took out $13,800, in a flash it soared another $2,000 to nearly $16K<\/a> where it was held from advancing further.<\/p>\n But the bullish momentum still hasn’t reversed and instead has the cryptocurrency already revisiting highs due to dip buyers aggressively buying up what little BTC supply is left on exchanges.<\/p>\n According to quantitative analysts, there is literally not enough BTC on exchanges<\/a> for buyers, causing a “sell-side liquidity crisis.” More and more users are moving BTC off exchanges to hold in anticipation for the coming bull market.<\/p>\n Coinciding with this trend, companies like Grayscale and MicroStrategy are scooping up sizable chunks<\/a> of the supply from other avenues, ensuring there is even less to go around.<\/p>\n <\/p>\n All this combined has Bitcoin price<\/a> rising and it seems as if nothing can stop it much longer from revisiting $20K where the peak was set nearly three years ago.<\/p>\nBitcoin Retakes $15,900, Less Than $100 Away From Another New 2020 High<\/h2>\n
Bitcoin is possibly forming an ascending triangle with a target near ATH | Source: BTCUSD on TradingView.com<\/a><\/pre>\n