Bitcoin finally broke the psychological resistance at $20,000, catapulting itself to new all-time highs. The flagship cryptocurrency seems to have jumpstarted the crypto bull run because other cryptocurrencies have also hit a new all-time high like THETA. Ethereum rallied past $600, achieving a new yearly high. On the other hand, Ripple was able to avert the potential declines to $0.35 and instead rallied almost hitting $0.6.
At the time of writing, Bitcoin seems to have entered the price discovery mode after breaking above an ascending triangle pattern. A horizontal line can be drawn along with the swing highs while a rising trendline developed along with the swing lows.
The spike in the buying pressure behind the pioneer cryptocurrency allowed it to break above the overhead resistance. Bitcoin shot up nearly 12% above the hypotenuse. Based on the ascending triangle formation, BTC/USD is expected to rally 15% upwards, thus there is still room for growth. This target is determined by measuring the distance between the two highest points of the triangle and adding it to the breakout point.
BTC/USD 4-hour chart
The IOMAP model by IntoTheBlock confirms that Bitcoin is in price discovery. In other words, the bellwether cryptocurrency has no known resistance ahead. Therefore, Bitcoin’s rally could continue, perhaps hit $25,000.
On the downside, support behind BTC is immense. The first robust anchor zone runs from $19,147 to $19,379. Here, 987,000 addresses had previously bought roughly 470,000 BTC. For now, the path of least resistance is upwards and the road to the moon remains undiscovered.
Bitcoin intraday levels
Spot rate: $21,712
Relative change: 350
Percentage change: 1.6%
Trend: Bullish
Volatility: High
