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Bitcoin Price Prediction: BTC/USD Breaks Recent Price Range of $16,500 and $17,500, Approaches the $18,000 High

Bitcoin (BTC) Price Prediction – November 28, 2020
After the breakdown on November 26, Bitcoin fluctuates between $16,500 and $17,500. The king coin will resume upside momentum once the $17,500 resistance is breached. Similarly, the crypto will further decline if the support at $16,500 is breached. Bitcoin is trading at $17,577 at the time of writing.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

On November 25, BTC/USD fell after the formation of a bearish double top. On November 24, buyers pushed the price to $19,400 high but were repelled. The crypto dropped to $18,800 low to resume the upside momentum. The following day the price action was repeated as bulls broke the resistance level. The crypto was repelled as the price action formed a bearish double top.

The selling pressure was intensified as the price breaks below the $18,800 support which was the previous resistance level. Bitcoin plunged to $16,300 low as price corrected upward. The upward correction was repelled at $17,500. The crypto is now fluctuating between $16,500 and $17,500. Today, BTC is rising to retest the $17,500 resistance. Bitcoin will resume upward move once the minor resistance is breached. The crypto is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

Cypherpunk Holdings Becomes the 9th Largest Public Holder of Bitcoin
Cypherpunk Holdings is a Canadian investment company. The company disclosed that it has added 72.979 BTC to its reserves since June 30, 2020. According to the company, this addition was as a result of the liquidation of its holdings of Monero and Ethereum. This addition makes Cypherpunk hold 276.479 BTC in its reserves. The company is ranked as the 9th largest public Bitcoin holder. Cypherpunk’s stake in BTC is worth just under $4.8 million.

Cypherpunk Holdings is trading on the Canadian Securities Exchange. The firm also invests in Hydro66, a green cloud infrastructure platform, and smart contract protocol Chia Network. As a result of its store of value, many companies appear to convert their cash holdings into Bitcoin. For example, MicroStrategy, which has converted most of its cash holdings into Bitcoin. The company now sits on 38,250 BTC after nearly doubling its holdings over the summer. Galaxy Digital is the second-largest public Bitcoin holder at 16,402 BTC, followed by Square’s 4,709 BTC.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin is rising and has broken the upper price range. Bitcoin will continue to rise if the current bullish momentum is sustained. Since Bitcoin is going upward, the Fibonacci tool analysis will be irrelevant. If the BTC price has broken below the $16,500, the Fibonacci tool analysis is likely to hold.

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