Bitcoin Exploded Higher To $18,300, What Can We Expect Next?

Bitcoin exploded higher towards $18,300 after the continued bullish strength with the daily close above $17,000. The leading crypto asset shot up to $18,300 in just minutes and this level is the one not seen since the blow-off top from the previous bull market back in 2017 and 2018 so let’s read more in today’s latest Bitcoin news.

Bitcoin exploded higher and it is expected to go even higher in the weeks ahead while some started to fear that the market is entering into a blow-off top phase. The popular crypto analyst Light Crypto wrote:

BTC finally starting to show signs of short-term overheating. sold last of calls.

— light (@lightcrypto) November 17, 2020

Other analysts are eyeing further gains ahead from the medium-term perspective despite the fears of a short-term drop. Another analyst, Josh Rager, explained the recent bitcoin rally and said that there could be an upcoming move towards the previous all-time high if the cryptocurrency is able to pass these key support levels. BTC is shredding each and every resistance on the daily and high time frames, closing over ,150 with a next major daily or weekly resistance being set at ,953 or to ,187.
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Another analyst, Cole Garner, believes that Bitcoin will move higher because of the on-chain trends and market trends like the funding rate as well as the open interest of futures markets.

Garner noted the aggregated funding rate of the markets and said that it is still low, suggesting a limited long taking position. This is quite important as the number of long positions compared to the short positions is usually seen as the market top. The fact that leverage on the BTC long side is low, only adds more credence to the rally.

As recently reported, The price traded to a new monthly high of $16,897 and settled above the 100 hourly simple moving average with a short-term contracting triangle that forms with the resistance close to the $16,725 on the hourly charts of the pair. BTC/USD could correct slightly but the bulls are likely to remain active at the $16,500 zone. After forming a strong base at the $15,800 level, the BTC price started a fresh increase and broke the $16,200 as well as the $16,350 resistance levels to move into the positive zone. The move to the upside was strong enough to break past the $16,500 resistance.