For the second day in a row, Bitcoin bulls have attacked the $19,500 stage in an try to flip the essential stage from resistance to assist. 

Every try to beat the resistance is has been rejected close to $19,550 however Bitcoin’s swift restoration from the Dec. 14 drop to $19,050 exhibits that traders stay thinking about shopping for each important dip.

Crypto market every day value chart. Supply: Coin360

In the mean time, the final consensus amongst merchants is that flipping $19,500 to assist will open the door to a brand new all-time excessive at or above $20,000. In accordance with Cointelegraph contributor Micheal van de Poppe:

“If we get the breakout above the resistance and we print a brand new ATH, it is extra essential to see the $19,400-19,500 space grow to be assist fairly than hitting that ATH.”

Van de Poppe additional defined that the present bearish convergence on the every day timeframe just isn’t confirmed and he harassed the if Bitcoin value fails to reclaim $19,500 as sturdy assist the seemingly end result is that the value will drop to $18,500 the place merchants will search for a greater entry.

BTC/USDT every day chart. Supply: TradingView

Whilst Bitcoin struggles to carry onto $19,500, the every day chart exhibits the value persevering with to make every day larger lows. Since recovering from the Dec. 11 drop to $17,586. BTC has additionally made every day larger highs which is an additional sign that the digital asset is in a powerful uptrend.

Bitcoin every day value chart. Supply: Coin360

Whereas Bitcoin value makes an attempt to commerce in a brand new vary, a handful of altcoins pushed larger with double-digit rallies.

Elrond value surged 28% through the day and is at present up 115% prior to now two weeks. SushiSwap’s governance token, Sushi, additionally rallied 9.84% to $2.80 and is up 44% over the previous 4 days.

Bancor was essentially the most notable gainer of the day because it secured a 34.5% rally to $1.70 on the information of the Coinbase Professional itemizing that occurred in the present day.

In accordance with CoinMarketCap, the general cryptocurrency market cap now stands at $566.6 billion and Bitcoin’s dominance fee is 63.6%.