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The price of Bitcoin reached $ 18,000, but analysts warn of a correction


Buyers were finally able to push the price of Bitcoin to $ 18,000, however, some analysts believe that before a new historical ceiling is set, we will see a slight and shallow correction in the price of Bitcoin.

To Report For the first time in three years, the bitcoin price of the Telegraph crossed the $ 18,000 mark and reached its highest point in 2020.

Yesterday, the price of Bitcoin continued its way to the peak of $ 17,858 after a massive increase from $ 17,100 to $ 17,300, which many analysts believe was a difficult resistance period.

Philbfilb, co-founder of the Decentrader platform, says the price of bitcoin could continue to rise if current key support levels are maintained.

The price of Bitcoin reached $ 18,000, but analysts warn of a correction
Daily chart of bitcoin prices. Source: Trading View

The familiar analyst posted the chart above on Twitter:

At present, the price behavior of Bitcoin is such that it could easily lead to the explosive growth of the gold ratio, which is currently stopped at 19,000.

The price of Bitcoin reached $ 18,000, but analysts warn of a correction
Daily chart of bitcoin prices. Source: Trading View

As can be seen in the weekly Bitcoin price chart, this digital currency is not far from reaching its historic high of $ 19,763. In several timeframes, the VPVR (Visible Trading Profile Profile Range) indicates that there is little resistance above the $ 17,000 price threshold.

Previously, analysts had expected the price of Bitcoin to stabilize in the range of $ 17,500 to $ 17,700 so that traders could save their desired profit, but it seems that the cows are still pushing for a price increase. To date, the price of Bitcoin has risen more than 13.06 percent since crossing the $ 16,000 resistance. Therefore, it is expected that in the future, we will see a period of consolidation to strengthen the level of support and pave the way for further growth in the future.

“Explaining the fundamental reasons behind the current bitcoin price changes,” said Matt Blom, ‌ ‌ EQUOS ‌ ‌ جهانی ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Matt Matt Matt

The market is entering an explosive growth phase by breaking the trend channel and crossing it. With a strong bull market, there is still a strong desire to break records, however, the question for me is where does this bullish rally become unstable.

The price of Bitcoin reached $ 18,000, but analysts warn of a correction
Breaking the bullish channel by bitcoin price. Source: Trading View

When Bitcoin hit the $ 17,000 mark, there was a lot of discussion among market participants about Bitcoin’s next move. Many are at a crossroads as to whether the price of Bitcoin will stop near the historic peak of 2017 or move to a new historic high by breaking all resistance.

“Bloom,” says Bloom.

If this week, the price of Bitcoin can turn on the $ 19,050 light, I predict that we will see a pullback of the price up to the threshold of $ 17,000. It should not be overlooked that many bitcoin traders are newcomers now and have not yet experienced the profound reforms we have already experienced. In the past, Bitcoin made rapid correction moves, but this time it did not, and many leverage long positions were not liquidated.

In 2017, small traders formed a bullish bitcoin rally, and with the dominance of Joe Fumo (fear of rising prices) in the market, they were able to hurt the price oven, but now it seems that a different scenario is going on.

The price of Bitcoin reached $ 18,000, but analysts warn of a correction
Bitcoin futures volume by exchanges. Source: Coin Telegraph

This year, there has been a lot of news about the entry of institutional investors into the Bitcoin market. The data also show that the growing volume of transactions in the Bitcoin and Ethereum derivatives market is the result of the strong presence of large grain traders.

Bloom concludes:

The fact that market participants have focused all their efforts on maintaining the uptrend is a clear sign that new currencies are entering the market. Hence, I believe that even if there is money, it will be very small and shallow.

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