{"id":451125,"date":"2021-11-30T14:31:49","date_gmt":"2021-11-30T14:31:49","guid":{"rendered":"https:\/\/wncen.com\/?p=451125"},"modified":"2025-06-11T08:24:36","modified_gmt":"2025-06-11T08:24:36","slug":"bitcoin-at-last-line-of-defense-before-ath-as-it-hits-19300-analysts","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-at-last-line-of-defense-before-ath-as-it-hits-19300-analysts\/","title":{"rendered":"Bitcoin at “Last Line of Defense” Before ATH as it Hits $19,300: Analysts"},"content":{"rendered":"
The price of Bitcoin has surpassed $19,300 once again, after dropping to as low as $16,200 on November 26. Following BTC’s surprising intraday rally, analysts say it is preparing for an all-time high.<\/a><\/p>\n There were convincing arguments for both bearish and bullish short-term projections for BTC. Most notably, when BTC dropped down to $16,200, it broke out of the recent parabola. This meant that BTC was at risk of either a large correction or beginning a new uptrend.<\/p>\n So far, based on the strength of BTC’s upward movement, market trends show that it could begin a new parabolic rally.<\/p>\n <\/p>\n There are two main scenarios for Bitcoin in the near term. First, BTC breaks $19,400, head towards the all-time high, and test the $20,000 level.<\/p>\n Second, BTC rejects $19,400 again, it ranges in the near term and consolidates, as it attempts to break out once again<\/p>\n But, if Bitcoin surges past $19,400, a technical analyst and trader known as “Bitcoin Jack” said an all-time high becomes more likely. He said<\/a>:<\/p>\n “I hate to say it but BTC is literally at its last lines of defense before making ATH Volume is picking up, bullish breakouts on the LTF Failure to see a rejection at 19K and there is pretty much nothing that stand in its way Good game bulls.”<\/p><\/blockquote>\n The primary reason behind the current rally of Bitcoin seems to be a large-scale short squeeze.<\/p>\n Prior to the rally, across major cryptocurrency exchanges including Binance Futures, BTC saw large short positions get liquidated.<\/p>\n When a short position gets liquidated, it forces the holder to market buy the position. As such, shorts can turn into short-term buyer demand for BTC in a short period.<\/p>\nThe daily price chart of Bitcoin. Source: BTCUSDT on TradingView.com<\/a><\/pre>\n
What Happens When Bitcoin Breaks $19,400?<\/h2>\n
Why BTC Rose so Quickly<\/h2>\n