Bitcoin has consolidated around the $18,000 price level since June 2022. Today, it reached above $19,500, making some investors excited at the prospect of it breaking out above $20,000.
After setting its all-time high (ATH) of $69,000 in November 2021 and then losing 73% of its value, Bitcoin has found strong support at the $18,000 price level. It has retested its previous ATH set in 2018 and needs to hold that level if we hope to see higher lows form.
Even if Bitcoin breaks above $20,000, it doesn't mean that we can expect it to keep that momentum and go into a short-term bull run, never mind setting a new ATH.
Bitcoin Price Chart via TradingView
After crashing to $17,000 in June 2022, Bitcoin proved it's one of the best crypto to buy during the dip as it recovered to $24,000. Although it made a slight recovery, Bitcoin proved that it's in a range after quickly retracing to the $18,000 level. It's currently at the bottom of the range, and its slight spike could mean that it's...
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