{"id":122196,"date":"2020-11-28T20:55:44","date_gmt":"2020-11-28T17:55:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-relief-rally-is-underway-can-btc-price-reclaim-18k\/"},"modified":"2020-11-28T20:55:44","modified_gmt":"2020-11-28T17:55:44","slug":"bitcoin-relief-rally-is-underway-can-btc-price-reclaim-18k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-relief-rally-is-underway-can-btc-price-reclaim-18k\/","title":{"rendered":"# Bitcoin relief rally is underway \u2014 Can BTC price reclaim $18K?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a40635a14b56\" 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-6a40635a14b56\" 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-relief-rally-is-underway-can-btc-price-reclaim-18k\/#Bitcoin_is_in_the_middle_of_a_weekend_relief_rally\" >Bitcoin is in the middle of a weekend relief rally<\/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-relief-rally-is-underway-can-btc-price-reclaim-18k\/#Bitcoin_must_break_18000_to_regain_bullish_momentum\" >Bitcoin must break $18,000 to regain bullish momentum<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-relief-rally-is-underway-can-btc-price-reclaim-18k\/#Total_market_cap_is_ready_for_more_downside\" >Total market cap is ready for more downside<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-relief-rally-is-underway-can-btc-price-reclaim-18k\/#What_is_a_likely_scenario_for_Bitcoin\" >What is a likely scenario for Bitcoin?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin relief rally is underway \u2014 Can BTC price reclaim $18K? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) price dropped severely in the previous week, falling from $19,500 to $16,000. Corrections never occur smoothly as dropdowns are frequently sudden and painful. The recent correction isn\u2019t much different as the drop occurred in a matter of hours.\u00a0<\/p>\n<p>Since then, Bitcoin\u2019s price consolidated above $16,000, which marked a temporary bottom. The primary question is whether the correction is over or not. A determining factor will be whether or not BTC price can reclaim the crucial levels that will support further upward momentum.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_is_in_the_middle_of_a_weekend_relief_rally\"><\/span>Bitcoin is in the middle of a weekend relief rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/d40106ed-a41c-4cf3-bc87-56921e8e7952.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/5y2HJ5du\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>As the daily chart shows, a crucial support area was established around the $16,000 area. Bitcoin\u2019s price did lose the uptrend on lower timeframes, through which a chain reaction of liquidations occurred. This chain reaction made the price accelerate downwards. <\/p>\n<p>Bitcoin\u2019s price frequently takes the staircase up and the elevator down. When this h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens, the daily timeframe marks the crucial support levels to hold, through which the zone around $16,000 is a massive area to hold.<\/p>\n<p>The chart shows temporary support and bounces from this area, as Bitcoin\u2019s price is currently $1,400 higher than the support level. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_must_break_18000_to_regain_bullish_momentum\"><\/span>Bitcoin must break $18,000 to regain bullish momentum<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/7a7ca0bb-fe29-4a04-88b1-c7fdbcbb8abc.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/5RTLCq8a\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The hourly chart shows a clear breakdown from the $18,600 support level, which caused the chain reaction downwards. <\/p>\n<p>However, during this correction, some lower timeframe signals are showing crucial resistance levels starting at the $18,000 level. The price of Bitcoin dropped toward the support zone at $17,200, made a slight bounce upward, but couldn\u2019t break through $18,000.<\/p>\n<p>Through that failure of breaking $18,000, a resistance area is established. This resistance area needs to break to sustain the bullish momentum and then flip back bullish on the lower timeframes.<\/p>\n<p>The next hurdle is found at the $18,600 area, which failed to sustain support in the previous run upward. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Total_market_cap_is_ready_for_more_downside\"><\/span>Total market cap is ready for more downside<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/0d289757-1b6c-4268-9617-393dc4c82bdd.png\"><figcaption style=\"text-align: center;\"><em>Total market capitalization cryptocurrency 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/3XBJE2tx\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The daily chart of the total market capitalization shows an apparent breakdown, as the total market capitalization dropped significantly after reaching the 1.618 Fibonacci level.<\/p>\n<p>However, the bullish part is a new higher high and a breakout above the $400 billion resistance zone. <\/p>\n<p>In this run-up, the massive resistance zone at $400 billion never received confirmation through a retest. In that perspective, it\u2019s very likely to see a further correction towards $400 billion to confirm the previous resistance zone to become support.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_likely_scenario_for_Bitcoin\"><\/span>What is a likely scenario for Bitcoin?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/8b72b038-72b2-431d-b2d9-611f6c3bf053.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/DdZyX71y\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The most likely scenario would be a relief rally towards the $18,000 to 18,500 area. Through that, the $18,000 to 18,500 area is im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely the crucial breaker of the scenario described.<\/p>\n<p>If the $18,000 to18,500 breaks, a further sustained rally toward new all-time highs is a very likely outcome. However, failing to break through this resistance zone would establish a new range. <\/p>\n<p>This range is acting between $16,000 to 18,000, in which the $18,000 resistance is a confirmation of a new lower high. Lower highs indicate a downward trend, and therefore could the market expect further corrections south. <\/p>\n<p>In that matter, a correction towards $14,000 isn\u2019t unlikely at this point, as that\u2019s the previous high in June 2019 and could warrant a massive support\/resistance flip for the markets.<\/p>\n<p>If Bitcoin\u2019s price holds above $14,000, the next rally would most likely bring the price of Bitcoin above a price of $30,000.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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-relief-rally-is-underway-can-btc-price-reclaim-18k\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin relief rally is underway \u2014 Can BTC price reclaim $18K? &#8221; Bitcoin (BTC) price dropped severely in the previous week, falling from $19,500 to $16,000. Corrections never occur smoothly as dropdowns are frequently sudden and painful. The recent correction isn\u2019t much different as the drop occurred in a matter of hours.\u00a0 Since then,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":122197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/782731da-7216-4cf8-9ac0-78181baa5ffa.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,75164,73785],"class_list":["post-122196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-price-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/122196","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=122196"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/122196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/122197"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=122196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=122196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=122196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}