Tanya Abrosimova
Independent Analyst
- Bitcoin spiked to $19,100 amid growing bullish momentum.
- On-chain metrics imply that the price has no significant resistance ahead.
Bitcoin bulls tested the water with a short foray above $19,000. The pioneer digital asset hit the highest level nearly in three years at $19,100 and retreated to $18,880 by the time of writing.
A retreat may be followed by another bullish assault
From the technical point of view, the local resistance is created by $18,800-$19,000 as it has been tested on numerous occasions since November 20. a sustainable move above this area will trigger a new massive buying wave and push and open up the way to an all-time high at $19,890 and psychological $20,000.
BTC/USD, 4-hour chart
On-chain metrics support bullish scenario
IntoTheBlock's "In/Out of the Money Around Price" data shows that there is have no meaningful resistance up until $19,300. Meanwhile. on the downside, BTC/USD sits on strong support as 560,000 addresses previously purchased over 530,000 BTC between the current price and $18,200. This supply wall may absorb the selling pressure and push the price back above $19,000 towards the local resistance at $19,300.
 Analytics and Charts 24-637418113109804896.png)
Bitcoin In/Out of the Money Around Price
On the other hand, a sustainable move below $18,200 will create a strong downside momentum and allow BTC to retest $16,000.
As FXStreet previously reported, BTC has sell signals on the long-term charts. If they materialize, the pioneer coin will enter a long-term correction phase.
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