The old high taken out as well as the key natural resistance at $20,000
The price of bitcoin has taken out the old high (looking at Coinbase exchange) at $19,915.14, and also the natural resistance at the $20,000 level. The high has so far reached $20,323 $20,420 in volatile markets.
Looking at the daily chart, a topside channel trendline cuts across near $21,400.
Drilling to the hourly chart below, a closer target comes in at $20,511. That is a topside channel trendline off of that chart (see chart below). A move above that level would open the door for further upside momentum.
A catalyst, Walter Bloomberg tweeted that an investor manager had allocated 675 million into bitcoin. That rumor is being questioned.
