Bitcoin (BTC) is back this week as a rebound takes the largest cryptocurrency ever closer to new all-time highs — what’s in store?
Cointelegraph takes a look what could move Bitcoin markets in the coming days as buyers emerge and $16,000 gets left behind — at least for now.
Bitcoin cancels Black Friday discounts
The main story among Bitcoiners on Monday is its performance over the weekend.
After plumbing depths of $16,300 last week and failing to get much higher than $17,000 in the days following, Bitcoin surprised on Saturday, beginning a climb that has reached $18,600 on Nov. 30.
The timing led to comparisons to Black Friday, as BTC/USD fell in time for the infamous discount day and rose back up afterward.
“Guess the Black Friday bitcoin sale is officially over. Hope you stocked up,” Barry Silbert, CEO of asset management giant Grayscale summarized.
At press-time levels of $18,550, Bitcoin is now up almost 14% versus the lows, recouping the majority of its losses from when it fell from $19,500. This will be a familiar sight for traders, who will now be eyeing the potential for Bitcoin to avoid the psychological selling pressure which so clearly set in near the all-time highs of $20,000.
Van de Poppe likewise highlighted the area around $18,500 and $18,700 as the crucial breakout point to fuel further bullishness. Bitcoin subsequently hit the midpoint of that range, but has so far failed to turn it into a launchpad for reclaiming any higher levels.
Nonetheless, should current levels hold, Bitcoin will easily see its highest ever monthly close at the end of Monday.
$1,300 Bitcoin futures gap opens lower
One major argument for Bitcoin reversing downwards for its next move comes in the form of a classic “gap” setup…