{"id":6104,"date":"2020-12-15T22:32:44","date_gmt":"2020-12-15T22:32:44","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bulls-buy-the-dip-again-after-bitcoin-price-rejects-at-a-key-resistance-level"},"modified":"2020-12-15T22:32:44","modified_gmt":"2020-12-15T22:32:44","slug":"bulls-buy-the-dip-again-after-bitcoin-price-rejects-at-a-key-resistance-level","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bulls-buy-the-dip-again-after-bitcoin-price-rejects-at-a-key-resistance-level\/","title":{"rendered":"Bulls buy the dip again after Bitcoin price rejects at a key resistance level"},"content":{"rendered":"

For the second day in a row, Bitcoin bulls have attacked the $19,500 level in an attempt to flip the crucial level from resistance to support. <\/p>\n

Each attempt to overcome the resistance is has been rejected near $19,550 but Bitcoin\u2019s swift recovery from the Dec. 14 drop to $19,050 shows that investors remain interested in buying every significant dip. <\/p>\n

Crypto market daily price chart. Source: <\/em>Coin360<\/em><\/a><\/figcaption><\/figure>\n

At the moment, the general consensus among traders is that flipping $19,500 to support will open the door to a new all-time high at or above $20,000. According to Cointelegraph contributor Micheal van de Poppe<\/a>:<\/p>\n

\u201cIf we get the breakout above the resistance and we print a new ATH, it’s more important to see the $19,400-19,500 area become support rather than hitting that ATH.\u201d<\/h2>\n

Van de Poppe further explained that the current bearish convergence on the daily timeframe is not confirmed and he stressed the if Bitcoin price fails to reclaim $19,500 as strong support the likely outcome is that the price will drop to $18,500 where traders will look for a better entry. <\/p>\n

BTC\/USDT daily chart. Source: TradingView<\/a><\/figcaption><\/figure>\n

Even as Bitcoin struggles to hold onto $19,500, the daily chart shows the price continuing to make daily higher lows. Since recovering from the Dec. 11 drop to $17,586. BTC has also made daily higher highs which is a further signal that the digital asset is in a strong uptrend. <\/p>\n

Bitcoin daily price chart. Source: <\/em>Coin360<\/em><\/a><\/figcaption><\/figure>\n

While Bitcoin price attempts to trade in a new range, a handful of altcoins pushed higher with double-digit rallies. <\/p>\n

Elrond price surged 28% during the day and is currently up 115% in the past two weeks. SushiSwap\u2019s governance token, Sushi, also rallied 9.84% to $2.80 and is up 44% over the past 4 days. <\/p>\n

Bancor was the most notable gainer of the day as it secured a 34.5% rally to $1.70 on the news of the Coinbase Pro listing that took place today. <\/p>\n

According to CoinMarketCap<\/a>, the overall cryptocurrency market cap now stands at $566.6 billion and Bitcoin\u2019s dominance rate is 63.6%. <\/p>\n

Source: COINTELEGRAPH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For the second day in a row, Bitcoin bulls have attacked the $19,500 level in an attempt to flip the crucial level from resistance to support.  Each attempt to overcome the resistance is has been rejected near $19,550 but Bitcoin\u2019s swift recovery from the Dec. 14 drop to $19,050 shows that investors remain interested in…<\/p>\n","protected":false},"author":1,"featured_media":6105,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[131,441,442,443],"class_list":["post-6104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-bitcoin-price","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6104"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=6104"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/6105"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=6104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=6104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=6104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}