Bitcoin Marks End of Bear Era as It Inches Closer to Its All-Time High

Bitcoin Marks End of Bear Era as It Inches Closer to Its All-Time High

Bitcoin (BTC) has marked the end of an era, as the benchmark cryptocurrency closes the door to its recent multi-year bear market and aims for a new all-time high.

BTC is now on the brink of breaking the $18,000 psychological resistance, with bulls dramatically destroying every pre-existing key resistance level.

The cryptocurrency has now been on this upward trajectory for about 73 days, with mild pullbacks and consolidations along the way, but mostly strong bullish rallies. That said, this bull run has been regarded as one of the most steady and prolonged parabolic trends in the history of the cryptocurrency.

This trend has mainly been driven by intense fundamental factors, including massive corporate adoption and rapidly increasing new wallets.

Meanwhile, one trader has noted that the days of seeking $10,000 entries are gone, permanently. Although he doesn’t see the cryptocurrency reaching a new all-time high this year, he believes that 2021 will be filled with new ATH upon ATH.

The decisive break above the $17,000 area is an incredibly bullish signal for the cryptocurrency, considering the importance the level holds for analysts and investors since 2017. That said, what the market does in the near-term at this price level ($17,750) will determine what we should expect in the coming weeks.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — November 17

Bitcoin continues to shatter resistance levels as it continues to make its way up to our trendline. In an unlikely event of a fall from this level, the $17,000 psychological support area should prevent any subsequent declines. The firm break above $17,000 is incredibly bullish, as this has long been a level that analysts and investors have been closely watching.

Meanwhile, our key resistance levels are at $17,940, $18,465, and $18,800. While our key support levels are at $17,000, $16,500, and $16,000.

Total market capital: $495 billion

Bitcoin market capital: $325 billion

Bitcoin dominance: 65.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.