Bitcoin faces this final resistance zone before $20K all-time high

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Bitcoin (BTC) merchants are pinpointing the order books of main exchanges that present the $19,500 degree is a near-term resistance degree.

Bitcoin rejects $19,500 for now

On Nov. 25, Bitcoin worth was rejected at $19,500 with a comparatively giant quantity throughout high spot exchanges. On Binance, for instance, BTC worth hit $19,484 earlier than seeing a slight pullback to sub-$19,300.

BTC/USDT 4-hour chart (Binance). Supply: TradingView.com

The minor rejection probably occurred due to the stacks of promote orders between $19,450 and $19,550.

A well-liked pseudonymous dealer often called “Byzantine Common” shared the order books of all main exchanges that confirmed $19,500 as a key space for sellers.

Vijay Boyapati, a Bitcoin researcher, equally mentioned that the $19,500–$19,550 vary stays because the final promote wall earlier than a brand new all-time excessive.

If Bitcoin doesn’t retest the $19,500 space once more within the subsequent a number of hours, this might imply that one other drop is probably going. Contemplating that it could be the final resistance till the brand new all-time excessive, merchants anticipate some response from sellers.

One other small pullback would profit Bitcoin as a result of it could additional neutralize the futures funding price. The funding price of BTC futures has elevated as soon as once more to 0.07% on Binance Futures and different exchanges.

Contemplating that the typical funding price of Bitcoin is 0.01%, one other short-term drop to reset the derivatives market might even strengthen the upward momentum.

Shorts being at ranges unseen since April is a variable

Nevertheless, a variable to contemplate is that the variety of shorts within the Bitcoin market is at its highest since April.