Bitcoin Bulls Aim Past $20,000 Level – How Hard Can They Charge Forward?

Bitcoin bulls have their hands full in the next days to carry out a strong advance to lift BTC out of the pit. Throughout today’s trading session, the market’s performance has been bullish. CoinGecko reports that bulls are driving prices higher for nearly 80 of the top 100 cryptocurrencies. The site has only flagged six coins as the biggest losers so far. CoinGecko has identified Bitcoin as one of the top advancing currencies. With a 24-hour market volume of $34.7 billion the currency has seen a massive increase in value in the last few hours. This increase in price is consistent with the bullish trend seen in the market for other cryptocurrencies Friday, which includes Ethereum. But looking at the big picture, Bitcoin is still far below its August high of $25,000, when it first reached its current value, but in fairness, it already has its sights past the $20K barrier. As shown in the graph, Bitcoin attempted to consolidate its price range over the course of 45 days. Chart: TradingView.com Bitcoin Bulls Resisting Downward Pressure Bitcoin attempted to reduce volatility between August 19 and August 26. Bitcoin’s price fluctuated between $21,897 and $20,790. Despite the bulls’ best efforts to stabilize the price of the coveted token on August 26, its value continued to decline. Investors and traders were frightened by these previous price movements, as their indicators transmitted strong bearish and sell...