Google Trends data show “Bitcoin” searches gone high as BTC price rallied to $19,400 on November 25.
It has been reported that determining the actual all-time high for BTC is somewhat debatable, as various exchanges have different figures listed. Just like Coinbase that has registered $19,892 as Bitcoin’s peak, whereas BitMEX and Binance have $19,891 and $19,799.
However, for most traders, $20,000 is likely to be the primary focal point that will solidify BTC reaching a new all-time high.
The report said that pushing through the $19,000 level occurred quicker than many expected, especially after the Bitcoin price plummeted to $18,000 in the evening hours on November 23. This drop was nearly in tandem with XRP’s 30% drop at Coinbase after the altcoin pumped to $0.92.
#Bitcoin price is taking a breather but on-chain and social data signal that the consolidation phase may not last long https://t.co/jypr0j7vh5 — Cointelegraph Markets (@CointelegraphMT) November 24, 2020
Data from TheTie, a social analytics data platform, shows that as Bitcoin price lost momentum on November 22 and November 23, trading sentiment took a noticeable hit when traders anticipated a possible retest of lower supports in the sub-$18,000 zone.
Joshua Frank, the founder of TheTie, said:
“The daily sentiment score looks at how positive or negative investors have been over the last 24 hours versus a rolling 20-day window. This metric (daily sentiment) has been positive (above 50) since Nov. 16 when Bitcoin was near $16K. For the daily sentiment score to remain positive, that means that conversations must continually get more and more positive. So if investors are positive over the last 20 days, they must be even more positive over the last 24 hours for the score to stay above 50.”
Likewise, the majority of people investing in or tracking the Bitcoin price still feel overwhelmingly bullish about the digital asset’s prospects when compared to the historical price and sentiment data regardless of strong pullbacks to $18,000 or below.
As shown on the 4-hour chart, Bitcoin flushed out to $18,000 created a double bottom right at the key support, and bulls stepped in to buy the dip, causing three successive high volume spikes.
Thus, Matt Blom, the head of global sales trading at Equos exchange, said:
“Bitcoin is focusing on claiming a new all-time high and it seems highly unlikely that having come this close, it fails to break the 2017 record. With a dearth of resistance levels overhead, thoughts turn to the next key upside target. Using Fibonnaci retracements levels, we see $29,100 as the goal, with a 1.618 move from $4,644 to $19,447 price points as our basis.”
Source: Cointelegraph | Image: Bitcoin Magazine