Psychology, Sell Pressures Keep Bitcoin Below $20K

Less than a week ago, bitcoin’s price set a new all-time high at $19,920.53. However, the oldest cryptocurrency is still struggling to break above the $20,000 level. 

The reason that milestone remains elusive, according to analysts and traders, is simple: There are too many sell orders very near the $20,000 level because some bitcoin holders are afraid of near-term sell-offs. That price point is particularly significant because it’s roughly where the market topped out in the late 2017…


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