• One
  • Two
November 2020

Bitcoin faces final resistance zone ahead of all-time high of $ 20K – Cointelegraph

Bitcoin (BTC) traders identify order books from major exchanges that show the $ 19,500 level to be a near term resistance level.

Bitcoin rejects $ 19,500 for now

On November 25, the price of Bitcoin was rejected at $ 19,500 with relatively large volume on the major spot exchanges. On Binance, for example, the price of BTC hit $ 19,484 before seeing a slight pullback to below $ 19,300.


4 hour BTC / USDT chart (Binance). Source: TradingView.com

The minor rejection likely occurred due to the stacks of sell orders between $ 19,450 and $ 19,550.

A popular pseudonym trader known as “Byzantine General” shared order books from all major exchanges which listed $ 19,500 as a key area for sellers.

Bitcoin researcher Vijay Boyapati also said that the $ 19,500-19,550 range remains the last selling wall before a new all-time high.

If Bitcoin does not test the $ 19,500 area again in the next few hours, it could mean another drop is likely. Considering this would be the last resistance until the new all-time high, traders expect some reaction from sellers.

Another small pullback would benefit Bitcoin as it further neutralizes the funding rate for futures contracts. The funding rate for BTC futures rose again to 0.07% on Binance Futures and other exchanges.

Given that Bitcoin’s average fund rate is 0.01%, another short-term drop to reset the derivatives market could even strengthen the upward momentum.

Shorts being at levels not seen since April is a variable

However, one variable to consider is that the number of shorts in the Bitcoin market is at its highest since April 2020.