Strength Of Bitcoin Above $19k Reinforced By New $20 Billion

A sum of $20 billion has been recently added to the crypto market, as we can see in the crypto news today. All of this is helping the strength of Bitcoin to resume above $19,000 and post new gains, reinforced by the recent influx over the weekend.

Currently, the Bitcoin price trades safely around the $19,000 region, while the altcoin news show that the yesterday’s dip was bounced off. The total market cap has increased to $565 billion over the weekend and as another day goes on, BTC presents with low volatility below the big $20,000 mark everyone is waiting for.

Following a highly volatile week where the dominant coin also saw consecutive all-time highs on some cryptocurrency exchanges, the asset has finally calmed down and retraced beneath $19,000. Its inability to break into uncharted territory is what is stopping BTC from pushing to new heights, but even the current levels are good for a few days.

Analysts are very optimistic about the future, especially since BTC bounced off the major $20,000 mark a couple of times and initiated a few legs up but has retraced and currently sits at $19,045. New attempts could push the BTC price upwards and prove that the coin’s impressive future is ahead of us.

From a technical perspective, we can see that the strength of Bitcoin is solid, and its first major resistance is at $19,400 and then $19,700. If the primary level is crossed, the next one would be $19,900 and $20,100, accordingly. The most significant support levels, on the other hand, are positioned at $18,900, $18,600, and $18,270.

What seemed to be a rollercoaster in the past ten days is now price action that is stabilizing. Good news comes from the entire crypto market, as we see more greens than reds and finally, levels that we have been waiting for. Despite the Thanksgiving massacre which put some coins to double-digit losses, the recovery has so far been very smooth and firstly introduced by BTC and its new green wave.

The lower and mid-cap altcoins now display untypical stagnation and absence of increases. However, there are still some impressive gainers such as Yearn.Finance (YFI), Kusama, and Reserve Rights, which all posted gains of about 5%.