Bitcoin Hits Multi-Year Highs

FXOpen

Bitcoin hit a new multi-year high across all exchanges during the past seven days. Litecoin on the other hand stayed remarkably stable. One coin is selling for $3.60 right now, very close to the $3.594 price recorded in our last article.

Bitcoin Hits Multi-Year Highs

Everyone’s favorite crypto-currency continues to chug along. The gains have been slow but steady, with BTC/USD rallying from $767 to a high of $783.60 before retracing somewhat. We are currently quoted at $778.80 dollars per coin, not far from multi-year highs.

btcusdh4-dec20-copy

The uptrend is still in place. To end it, the bears will have to push bitcoin back below the $750 figure.Below here we have our first notable level at the previous resistance now turned support at $745 per coin.  A new downtrend will require a decisive break of the $723.81 swing low. Lower still we find more support at $715, closely followed by the $700 round figure.

On the upside, the new high at $783.60 may act as weak resistance. But most other exchanges topped out around $795-$800 dollars. The area around the $800 round figure seems to be strong resistance. A breakout above it could lead to more gains. All three trends for bitcoin (short-term, medium-term and long-term) are still bullish.

Litecoin Trades Flat

Litecoin can’t seem to get out of its range-bound funk. Prices stayed mostly flat during last week. The altcoin moved between a high of $3.65 and a low of $3.53, a range of only 12 cents or 3.3 percent. This is very low for seven days of trading in the crypto-currency arena.

ltcusdh4-dec20-copy

Litecoin is still technically in a downtrend. However the momentum lower has been completely lost. To regain it, the bears need to break the $3.50 round figure. We have our first potential support below here at the crash lows of $3.36. This level is followed by the eight-month low at $3.22 and the $3 round figure. Lower still we have more levels at the $2.89 swing low and $2.50 dollars per coin.

To end the current weak downtrend the bulls need a decisive breakout above the $3.68 swing high. A new uptrend requires a break above $3.90 as well. Slightly higher we find another potential resistance at $3.93 dollars. This level is closely followed by the $4 round figure, $4.08 and $4.15 dollars. The short-term trend for Litecoin is down but the medium-term and long-term trends are neutral.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14%

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.