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November 23, 2020
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Guide & Analysis

Bitcoin price approaches $ 18,000 as market capitalization reaches ATH

Bitcoin keeps rising and is getting closer to overcoming its former ATH, hit in 2017

Bitcoin has just reached a market capitalization of $ 327.3 billion for the first time. The last all-time high (ATH) was $ 324 billion in December 2017, when Bitcoin was close to $ 20,000. The increase in market capitalization is mainly due to the growth in the circulating supply of Bitcoin.

However, it is important to note that the current circulating supply of 18.5 million BTC is not exactly real. It is estimated that around 4 million Bitcoins are lost forever and cannot be recovered. This number comes from many Bitcoins belonging to Satoshi Nakamoto and other lost BTCs.

Many of the Bitcoin in circulation are owned by exchanges like Coinbase, leading the race with around 1 million BTCs.

Bitcoin targeting $ 20,000 by end of November

From a technical point of view, it seems that Bitcoin is currently unstoppable and faces very little opposition to the positive side. On the 4-hour chart, the bulls created a rising wedge that was broken several hours ago.

Using the height of the pattern as a reference, we can estimate Bitcoin’s next target price at around $ 18,200 in the short term.

However, as there are no other clear resistance levels on the way to $ 20,000, it appears that this price level is the next target for bulls that are seeing an increase in trading volume. CME Bitcoin Futures’ latest report shows open interest at a $ 985 million high, closing at $ 1 billion this week.

For example, the ‘money around the price’ in / out graph shows virtually no resistance ahead, but a ton of support areas in the $ 16,665 path. Between $ 16,124 and $ 16,665, some 700,000 addresses have acquired around 424,000 BTC. Below this area, there is similar support up to $ 15,000.

From $ 17,727 to $ 19,310, only about 30,000 BTC were purchased, which pales in comparison to the support shown above. The IOMAP indicates that Bitcoin is free to run around $ 20,000. Do you think Bitcoin bulls have what it takes to push the digital asset above its highest point? We’ll find out soon.

Source: ZyCrypto

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