Trader: Bitcoin inches toward $20,000

Bitcoin’s price needs to break through resistance in the range of $16,000–$16,500 to reach a high near $20,000. This view was expressed by analyst Michaël van de Poppe.

$BTC #BITCOIN

Basically, we’re at the final resistance zone before ATH.

Breaking $16,000-16,500 and I suspect we’ll do that.

Reversing here (which seems quite likely) and I’d be eager to buy around the $11,600 area. pic.twitter.com/wWEWZeys6G

— Crypto Michaël (@CryptoMichNL) November 6, 2020

Referring to the weekly BTC/USD chart, the analyst allowed for a scenario of a significant correction after hitting the above-mentioned range. In this scenario, the trader plans to buy the cryptocurrency at $11,600.

On a smaller time frame, a modest correction in Bitcoin’s price is visible against a backdrop of falling trading volumes.

Hourly BTC/USD chart from Bitstamp exchange on TradingView.

Against the backdrop of a pause in growth, altcoins began moving higher, including DeFi tokens.

At the time of writing, the Crypto Fear and Greed Index stands at 90, indicating extreme optimism among market participants.

Source: alternative.me.

Earlier, the price of the first cryptocurrency moved closer to the $16,000 mark. As a result, miner revenues rose to pre-halving levels.

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