Bitcoin Finally Hits the Sweet $16,000; BTC Price of $20k Is Inevitable

A level last seen on Jan 8, 2018, has been hit, time to moon.

Bitcoin is back on the move!

Today, BTC finally hit $16,000 for the first time since January 8, 2018.

“Big green candle. 16k breached. 20k is inevitable,” as tweeted by Samson Mow, CSO of Blockstream is the market's current mood.

The digital asset price went as high as $16,177 on Bitstamp but is currently trading back around $15,895 on the back of a $3.7 billion volume.

Bitcoin first made it to nearly $16,000 last week, which has been for the first time in about 3 years. This led to the correction to $14,330 on the weekend. This week, we again made a couple of attempts to take over this level but only to see small dips.

Today, we did break the sweet $16k level, but we are retracing a bit for now.

But it’s worth noting that Bitcoin hasn’t given any big pullbacks yet despite surging about 39% in the last month. And if $16,000 gets run-over with a strong move, it is a very real possibility that a new all-time high will be made shortly.

“If bitcoin goes above 16k again, it’s almost definitely mooning,” noted trader CryptoGrainz.

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According to the on-chain analyst Willy Woo, we are just at the start of the main bull run as per BTC's on-chain Relative Strength Index, which has just started warming up.

Amidst the strong price action, a record amount of money flows into CME’s bitcoin futures contracts. The open interest on CME’s BTC futures contracts has gone above $900 million, with the number of large traders the main driver behind this.

As per the COT report, almost 100 large traders hold the BTC contracts on CME, at least 5 futures contracts (25 BTC) each.

In 2019, there were 45 large traders on an average with no notable growth throughout that year, but in 2020, they have doubled with a new record of 102 large traders set just two weeks ago.

“This is perhaps one of the best indications of increased institutional demand for bitcoin exposure, and we already know that investors like Paul Tudor Jones are a part of this growing group on CME, currently the second-largest futures market for bitcoin,” noted Arcane Research.

Even the whales, addresses holding at least 10,000 BTC and 1,000-9,999 BTC, are near their all-time highs.

Bitcoin (BTC) Live Price

1 BTC/USD =18,981.7583 change ~ -1.54

Coin Market Cap

352.19 Billion

24 Hour Volume

42.11 Billion

24 Hour Change

-1.54

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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