{"id":120201,"date":"2020-11-25T18:42:09","date_gmt":"2020-11-25T15:42:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-faces-this-final-resistance-zone-before-20k-all-time-high\/"},"modified":"2020-11-25T18:42:09","modified_gmt":"2020-11-25T15:42:09","slug":"bitcoin-faces-this-final-resistance-zone-before-20k-all-time-high","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-faces-this-final-resistance-zone-before-20k-all-time-high\/","title":{"rendered":"# Bitcoin faces this final resistance zone before $20K all-time high"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2efaadc5ff9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2efaadc5ff9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-faces-this-final-resistance-zone-before-20k-all-time-high\/#Bitcoin_rejects_19500_for_now\" >Bitcoin rejects $19,500 for now<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-faces-this-final-resistance-zone-before-20k-all-time-high\/#Shorts_being_at_levels_unseen_since_April_is_a_variable\" >Shorts being at levels unseen since April is a variable<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin faces this final resistance zone before $20K all-time high  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) traders are pinpointing the order books of major exchanges that show the $19,500 level is a near-term resistance level. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_rejects_19500_for_now\"><\/span>Bitcoin rejects $19,500 for now<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On Nov. 25, Bitcoin price was rejected at $19,500 with a relatively large volume across top spot exchanges. On Binance, for example, BTC price hit $19,484 before seeing a slight pullback to sub-$19,300.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/4ac22f7c-6f6f-4bc0-b394-fc3c55b9d5d7.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart (Binance). Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>The minor rejection likely occurred because of the stacks of sell orders between $19,450 to $19,550.<\/p>\n<p>A popular pseudonymous trader known as \u201cByzantine <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>\u201d shared the order books of all major exchanges that showed $19,500 as a key area for sellers.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">All eyes on 19500.<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/fJWpyAnTcv\">pic.twitter.com\/fJWpyAnTcv<\/a><\/p>\n<p>\u2014 Byzantine General (@ByzGeneral) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ByzGeneral\/status\/1331594176996241408?ref_src=twsrc%5Etfw\">November 25, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Vijay Boyapati, a Bitcoin researcher, similarly said that the $19,500 to $19,550 range remains as the last sell wall before a new all-time high.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Let&#8217;s gooooo. Past this baby wall most prior exchange all time highs are going to get taken out very quickly <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/t.co\/7E0gmgdgpD\">pic.twitter.com\/7E0gmgdgpD<\/a><\/p>\n<p>\u2014 Vijay Boyapati (@real_vijay) <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/real_vijay\/status\/1331596056363089920?ref_src=twsrc%5Etfw\">November 25, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>If Bitcoin does not retest the $19,500 area again in the next several hours, this could mean that another drop is likely. Considering that it would be the last resistance until the new all-time high, traders expect some reaction from sellers.<\/p>\n<p>Another small pullback would benefit Bitcoin because it would further neutralize the futures funding rate. The funding rate of BTC futures has increased once again to 0.07% on Binance Futures and other exchanges.<\/p>\n<p>Considering that the average funding rate of Bitcoin is 0.01%, another short-term drop to reset the derivatives market may even strengthen the upward momentum.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Shorts_being_at_levels_unseen_since_April_is_a_variable\"><\/span>Shorts being at levels unseen since April is a variable<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>However, a variable to consider is that the number of shorts in the Bitcoin market is at its highest since April 2020.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>In March, the price of Bitcoin crashed to below $3,600. Subsequently, it continued to climb, eventually surpassing $19,000. The rally accelerated in April when short contracts hit a yearly high.<\/p>\n<p>The likelihood of a short squeeze rises when the number of short contracts in the market increases. A short squeeze occurs when the price of an asset continues to go up despite the presence of significant selling pressure.<\/p>\n<p>This trend causes short-sellers to market buy their positions, fueling more buying demand in the market. A pseudonymous analyst known as \u201cCactus\u201d <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheCryptoCactus\/status\/1331572786935066624\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cBTC shorts are at the highest point since April 2020\u2026\u201d<\/p><\/blockquote>\n<p>If the number of shorts continues to increase, it would also cause the futures funding rate to decline. In a way, this could make the rally more sustainable in the medium term.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-faces-this-final-resistance-zone-before-20k-all-time-high\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin faces this final resistance zone before $20K all-time high &#8221; Bitcoin (BTC) traders are pinpointing the order books of major exchanges that show the $19,500 level is a near-term resistance level. Bitcoin rejects $19,500 for now On Nov. 25, Bitcoin price was rejected at $19,500 with a relatively large volume across top spot&#8230;<\/p>\n","protected":false},"author":1,"featured_media":120202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/fef13a30-5a33-4f6e-b8cc-d25881c9745a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-120201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/120201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=120201"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/120201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/120202"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=120201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=120201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=120201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}