Bitcoin above $16k
Bitcoin above $16k

Bitcoin above $16k

By Marco Cavicchioli - 12 Nov 2020

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Today, for a brief moment, the price of bitcoin rose above the psychological threshold of $16,000. 

The last time it had been above this threshold was on January 7th, 2018, three weeks after December 17th, 2017 when it peaked at around $20,000. 

In reality, since last week it had already tried to get closer to $15,800, but it was unable to hold it. 

Today, however, the situation seems a little different, with the price first rising above $15,900, and then returning around this level after a brief climb above $16,000. 

Today’s jump consolidates the position above $15,000, although trading volumes are not yet particularly high.

As already hypothesized yesterday, the breaking of the $15,900 resistance has opened the space to update the record high of 2020, now registered at over $16,100, although touched only for a very brief moment. 

It should be noted that, after the absolute record of 2017, the peak of 2018 at $17,700 does not seem so far off, while the peak of 2019 at $13,700 seems to be behind us. 

To be fair, there are still a number of analysts who suggest that a retracement to lower quotas could take place, perhaps also due to a possible current excess of enthusiasm on the crypto markets, and particularly on Bitcoin. 

However, the fact that this 2020 is registering much higher trading volumes even than those of 2017 in full speculative bubble, suggests that the current situation is very different from that of November/December 2017 or January 2018. 

At the time, BTC’s price remained above $15,000 for only 38 non-consecutive days, with three falls of a few days each below this threshold. 

The longest period of consecutive days above $15,000 was only 15 days, from December 7th to December 21st, 2017, with four consecutive days now remaining permanently above this threshold.

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded and the Facebook group" Bitcoin Italia (open and without scam) ".

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