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November 23, 2020
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Guide & Analysis

Bitcoin targets new 35-month high test at $ 18,400

Bitcoin’s volatility is back after a $ 1,000 price move in one day. The cryptocurrency is now trying to reach the $ 18,400 mark once again.

Bitcoin recovered the $ 18,000 mark after dropping to $ 17,400 yesterday. Most alternative currencies also recovered from recent losses and total market capitalization returned to $ 510 billion.

Bitcoin increases with $ 1,000 in one day

The BTC exceeded $ 16,000 on November 16 and has not looked back. In fact, the value of BTC appreciated significantly as it peaked at a new annual high of $ 18,500 on November 18.

Since then, however, the cryptocurrency has had some problems keeping such a high price. Just yesterday, Bitcoin bears took control and divested the asset until its $ 17,400 intraday low.

However, BTC did not fall for long and quickly jumped to over $ 18,000 again. This time, the price increase continued and, just a few hours ago, BTC reached $ 18,400. This materialized a $ 1,000 price increase in less than 24 hours.

Bitcoin has retreated somewhat, but is still above the $ 18,000 level, and speculation about whether or not BTC will break its historic high is back on the table. To do this, Bitcoin has to overcome the resistance lines by $ 18,500, $ 18,950, $ 19,400 and $ 19,660.

On the other hand, support levels are at $ 17,930, $ 17,700 and $ 17,500 are the first line of defense in the event of a price break.

Altcoins

Altcoins got worse during yesterday’s bloodbath. The situation changed dramatically in one day, with some impressive price jumps. Ethereum increased by more than 3% and stands at $ 490. As such, ETH is about $ 5 away from its annual high.

Ripple and Bitcoin Cash increased by a similar percentage – 3.5% to $ 0.30 and $ 253, respectively. Binance Coin (1.4%), Chainlink (4%) and Cardano (1.7%) are also in the green.

However, Litecoin and Polkadot are the best performers in the top ten, with peaks of 11%. DOT trades at $ 5.2, while LTC is above $ 80 for the first time since February 2020.

Even more impressive double-digit gains are evident in lower and middle capitalization. SushiSwap leads with a 27% increase in one day. In addition, SUSHI soared 130% in one week, to $ 1.70.

Waves (26%), CyberVein (18%), Reserve Rights (15%), Yearn.Finance (14%), Uniswap (14%), Curve DAO Token (13%) and Huobi Token (12%) have also scored notable price increases.

Overall, cryptocurrency market capitalization rose to $ 512 billion after falling to $ 480 yesterday.

Source: CryptoPotato

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