•Bitcoin is currently trading below the recent high and is challenging the resistance level of $21.5K.
•The bullish run has slowed as the digital asset approaches the $21.5K resistance level.
•If buyers are able to hold prices above the $21.5K high, further increases are possible, with the next target being the previous high of $22,781 or $25,212.
The largest cryptocurrency, Bitcoin, is currently trading below the recent high and is challenging the resistance level of $21.5K. As BTC/USD has retested the historical price level of $21,480 set on November 5th, the bullish run has slowed as the digital asset approaches the $21.5K resistance level.
At the time of writing, Bitcoin is trading at $21,280.48, with a market cap of $409,964,799,905 and a circulating supply of 19,265,443 BTC. Bitcoin’s total supply is 446,875,828,290 BTC, and it remains the top-ranked cryptocurrency according to Coinmarketcap.
Following the current market recovery, Bitcoin has reclaimed the $21,000 support level and is now attacking the $21,500 resistance level. Buyers are attempting to hold prices above the $21,500 high as they want to restart a new upswing.
If buyers are able to maintain the price above the $21,500 high, further increases are possible, with the next target being the previous high of $22,781 or $25,212. However, given the current overbought condition of the market, an upward movement is unlikely. Nevertheless, an overbought condition might not last in a market that is strongly trending.
On the other hand, if sellers take control of the market and push prices below the $21,500 resistance, BTCUSD could return to the November 5th price level of $21,480. A further decline could push prices back to the $20,000-$19,000 range.
Overall, Bitcoin is in a precarious position as it attempts to break through the $21,500 resistance level. The outcome of this battle between buyers and sellers will determine the direction of the market in the near future.