Bitcoin started an impressive rise on Christmas Eve, rising by thousands of dollars in just a few hours. However, to really break through, the digital currency must overcome an important resistance. A resistance where several important indicators come together.
Crucial resistance for Bitcoin
In the chart below, we see that Bitcoin is struggling to break the 0.236 Fibonacci level of the rise from $66,853 to $108,578.
That was a resistance in November where the price broke down, and now it seems to be happening again.
If Bitcoin can overcome that price, and then confirm it as support, that would be very powerful for the digital currency.
At the same time, we see the 20-day moving average at $99,719, and the 10-day moving average at $99,091 floating above the current price.
If Bitcoin can break through those prices again, it could herald a new period of positive momentum for the digital currency. In that respect, there are some exciting days ahead for Bitcoin.
The American market is sleeping
We don’t need it from the American market at the moment. At least not when we look at the Coinbase Premium.
The Coinbase Premium shows the difference between the Bitcoin price on Coinbase and on Binance. If the price on Coinbase is higher, there is a premium. This is the case if there is relatively high demand for Bitcoin on the American stock exchange, and therefore from the American market.
During Bitcoin’s explosive rises since Donald Trump’s election victory, Coinbase Premium was continuously strong.
Since the crash from the all-time high of $108,000, Coinbase Premium has been negative and Bitcoin has struggled to recover.
There is now even a negative premium, but the good news is that it seems to be decreasing. In that respect, things are slowly moving in the right direction again.
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Source: https://newsbit.nl/bitcoin-loopt-tegen-cruciale-weerstand-aan-op-98-730/
