Bitcoin Bulls Move Past Key Resistance of $20,000; Binance and Other Exchanges Reported Down

Published by
Bitcoin Bulls Move Past Key Resistance of $20,000; Binance and Other Exchanges Reported Down

Bitcoin bulls have finally speared past the long-awaited $20,000 resistance just minutes ago after a mammoth rally of over $500 under an hour. Bitcoin with this massive rally also created a new all-time high of $ 20,643 seeing a 7% rise on the 24-hour price chart.

Bitcoin was consolidating above $19,000 for the past couple of days after recovering from a $3,000 crash pushing its price below $16,500. Howevr these market pullbacks are quite common during a bull run and bitcoin veterans seemed unphased by the drop.

Source: TradingView

The current rally could propel bitcoin to new price ranges and daily gains never seen before especially at a time when many believe Bitcoin is highly underpriced. The reason for that being high institutional interest where the firms such as MicroStrategy, GrayScale, Square Inc, and a few others are on a bitcoin buying spree over the past few months.

MicroStrategy went one step ahead and sold $650 million worth of Security debt to buy more bitcoin on top of their $500 million bitcoin purchase made earlier this year. MicroStrategy CEO Michael Saylor at the moment seems more bullish than most of the bitcoin proponent which is evident from his recent tweets.

Advertisement

What’s Next For Bitcoin, $23 k?

The current price rally could bring Christmas early for Bitcoin hodlers who have been predicting this all along. Bitcoin unlike 2017 is not yet priced-in and is showing a steady rise quite opposite of 2017. The bull run in 2017 started on December 17 and many crypto influencers have been calling it a poetic move if bitcoin managed to steer into new territory almost on the same day as the 2017 bull run.

The next stop for bitcoin would be $23 K as predicted by one crypto analyst who goes by the Twitter name of Goomba. With such a sharp rise, a price correction might be on the card, however, if the top cryptocurrency manages to hold its position above $20 K then the next target would be around $23,000.

The ongoing bull run was anticipated in the wake of institutional FOMO resulting in bitcoin hoardings by top financial firms such as BlackRock, Paypal, GrayScale, and Sqaure Inc.

Advertisement

Is Binance the new Coinbase?

Binance seems to be the first causality among exchanges because of the sudden bitcoin price surge, on most occasions in the past Coinbase used to go under maintenance or become inaccessible. Many users complained about facing issues with logging into their Binance account.

Coinbase as usual was dow too and people took to Twitter to express their distress but with a sense of humor. In fact, it is an ongoing joke in the crypto space that Coinbase going down has become a key indicator of bitcoin price rise.

Source: Twitter
Advertisement

Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Indian Court Declares XRP as Property in WazirX Hack Case

In a landmark ruling, the Madras High Court in India has declared that XRP and…

October 27, 2025
  • News

Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH

Ethereum’s fundamentals continue to strengthen as major investors and analysts signal renewed confidence in the…

October 27, 2025
  • News

Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000

Bitcoin (BTC) has climbed above $113,000 as optimism grew ahead of President Donald Trump’s meeting…

October 26, 2025
  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025