Bitcoin Bears Looking for A break Below 8,310
Bitcoin prices on the BTCUSD chart have touched off all-time highs at 19864.15 and is threatens a move to break the 20,000 mark for the first time in its history.
Today’s 8.83% surge in Bitcoin prices caps three days of intense recovery, following a doji candle formation at the 17,235.87 support. Bitcoin prices had retraced on Thursday and Friday last week as traders banked profits from the price surge of 16-20 November, with institutional funds now chasing the market. As Gabor Bubarcs, Director of Digital Asset Strategy at VanEck/MVIS puts it; the 2017 run was “driven by higher volumes, likely due to retail demand,” while the 2020 rally has a lower volume and more institutional allocation, which is less speculative.
A look at the BTCUSD weekly chart shows that Bitcoin prices could target the 127.2% Fibonacci extension target at 20788.06, followed by 21994.62 (141.4% Fibonacci extension) if it can clear 19661.52 (record high seen in 2017) and then 20,000 with conviction.
On the other hand, retracement from present levels could retest last week’s low at 16218.00. Before it does this, downside targets at 19215.99 and `17235.87 would have to give way. Below last week’s low, a potential target is also found at 15822.71 and 15231.07.
