This week, Bitcoin (BTC) was able to make a historic breakthrough. The coin jumped to its highest level since December 2017, reaching $19,300 on some trading floors.
At the same time, analysts noticed the activation of some Crypto Cash investors who started sending bitcoins to exchanges. Sales resumed on Thursday, 26 November, which resulted in the BTC price falling to $16,630.
Support increased on 27 November. Initially, the bitcoin exceeded $17,000 and today it has reached $17,800.
At the time of this review, the largest digital currency was trading around $17,826. In the last 24 hours, BTC capitalisation has increased by 5% to $328.423 billion.
The WhaleMap team, which monitors the behaviour of major players („whales“), has identified several levels of support for BTC. According to analysts, the BTC could not fall below $16,000 Bitcoins as investors purchasing the coin at higher levels were prepared to support it if there were risks of falling below these levels.
Support increased at levels of $16,064, $16,411, $16,694, $17,651 and $17,783. Researchers identified the highest level of support at $18,656.
Bloomberg identified several fundamental factors proving that Bitcoin is no longer a „bubble“.
This is a qualitatively new asset class, the impact of which is growing due to the growth of the futures market, high activity of miners and improved capacity of the Blockchain. In addition, BTC is an alternative tool that is independent of the authorities.Ripple is selling a third of its MoneyGram shares