Bitcoin has built a new support at $ 16K so it can continue on its way up
It is currently looking very good in the Bitcoin market and the dreaded resistance has become a new support.
Since our last analysis, which we published a week ago, Bitcoin has managed to reach two important milestones. Although Bitcoin had to withstand several days of heavy resistance in the $ 15.7K – $ 16K range, it finally managed to break it on November 12.
Not only did Bitcoin beat $ 16K, but with its market cap, after a long time, it got into the TOP20 assets and it was helped by nobody else than PayPal.
It is more than certain that Bitcoin can thank PayPal for this increase in price and market cap. On the same day it published a report on November 12 that it was launching crypto services for accountholders in the U.S..
Even in this example, it is beautiful to see what actually affects the price increase the most and these are and have always been external factors and big significant announcements.
But remember one thing if Bitcoin is already trading now at $ 16K, what will happen with the price when PayPal launches the crypto service worldwide next year and it will be possible to pay to more than 28 million merchants with cryptocurrencies? I think the only answer to this is that the new ATH is coming.
However, let’s also look at the technical analysis:
- Bitcoin created new support area at $15.7K – $16K
- Resistance at $16.8K
- Global and Local trends are Bullish / UP
- RSI 1D/1W still overbought / Bearish
- Fear & Greed Index / Extreme Greed
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