Bitcoin Rips Past $18,000 For the First Time Since the Peak On December 18, 2017

Bitcoin has made yet another new 2020 high.

We have finally entered a period where Bitcoin is breaking a new level and making a new high every other day.

On Monday, we firmly surged above $16,000, and the next day, $17,000 was broken, and before the day was even over for some, we were above $18,000.

Now, we are mere inches away from hitting the all-time high of $20,000.

In the last three days after the digital asset took a dip to $15,700 on Sunday, BTC/USD has increased 17.5% in value, going as high as $18,450, a level we saw on December 18, 2017, with more than $6 billion in ‘real’ volume.

With the recent move, the Twitter mentions of the leading digital asset have also ramped up to early 2018 level, finally.

Additionally, this month, Bitcoin is averaging over 1 million daily active addresses, closing in on the all-time high of 1.29 million set in Dec. 2017.

Classic Liquidity Crunch, baby!

Bitcoin broke the new levels yesterday on light volume, but soon it was able to muster speed as we continued ripping higher and higher, poised to end November at a new peak.

“Bitcoin is shredding each resistance on the daily and high time frames. With a close over $17,150, the next major daily/weekly resistance would be at $18,953 to $19,187,” said trader Josh Roger.

And although we have been due for a pullback for a long time now, it doesn’t look like a correction is coming.

“The fundamentals are firmly in control right now as increasingly large players are entering this tiny market,” noted analyst Mati Greenspan.

“We've seen this dynamic play out in 2017 with the retail market. When everybody is buying and nobody is selling, it doesn't take a lot of volume to push the price higher. When there's no bitcoin available, buyers are forced to continuously increase their price until the order gets filled. it's a classic liquidity crunch,” he wrote in his daily newsletter Quantum Economics.

This makes sense given that all the attention the flagship cryptocurrency has received from the high-profile figures likes Paul Tudor Jones, Anthony Scaramucci, Ricardo Salinas Pliego, and Bill Miller, and of course Visa, MasterCard, Paypal, and Square — all on the buy side.

Bitcoin (BTC) Live Price

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide