The December 9 trading session proved to be a fortunate day for the investors as the price of the token surged significantly.
The price of the asset reached a high of $17,000 and since then, Bitcoin has stayed over that barrier.
Being able to achieve a high trading figure, the bulls have gained the confidence of pushing BTC’s price higher. They want to move it higher and are ready to form a stronger rally to make it happen.
According to the technical indicators and the market analysts, the bulls may be eyeing $19,000.
Bitcoin Wants to Surge Higher
The highest trading price Bitcoin has hit in the month of December is $17,300. Therefore, it is considered as the monthly high for the asset for the running month.
However, the bulls seem to have an appetite for higher gains. They want to continue accumulating Bitcoin so they can push it higher.
Prior to hitting the $17,300 mark, Bitcoin had become quite volatile. This is the very reason why Bitcoin managed to hit such a high trading price overnight.
Once Bitcoin hit the high trading mark, its value started to lose its volatility. This is when Bitcoin is less volatile and the situation has remained the same since then.
It was on December 8, when the liquidity started flowing into Bitcoin. It was expected that Bitcoin may face a challenge as it gets closer to the December 5 high.
At that point, the December 5 high was $16,600 but the bulls did not stop there. They kept accumulating BTC on a higher level, which helped push the trading price of Bitcoin.
The value of Bitcoin kept gaining weight and it went up to $17,300 before the bulls lost their steam. However, the bulls have not lost their steam for the long term but for a brief period.
Surprise for the Bullish Investors
Just as the Bitcoin price started to rise and crossed $16,600, a large rally started to support Bitcoin. The rally was formed by investors that were bullish on Bitcoin but were waiting for the right time.
They were surprised to see that other investors had built up the courage to face the bears. Finally, as more investors joined the rally, the price of Bitcoin grew and was able to cross the $17,000 mark.
The Bulls Target $19,000
At the moment, the analysts making positive predictions about Bitcoin are suggesting a range where they see it hovering.
As per the analysts, they see the trading price of Bitcoin hovering between $18k and $19k. However, the bulls have plans of their own as they want to hit a higher level.
For them, the main target is hitting the $19,000 barrier and breaching it to go over the $20k resistance mark.
Bulls have to hold their Ground
For now, the bulls have the ball in their court and they want to take advantage of the trend as much as possible.
The bulls were able to push Bitcoin over the $17,000 barrier forming a 4% rally in a 24-hour window. Now the most important part is to hold onto the rally long enough to bring a change to Bitcoin’s behavior.
They want to hold on to the $17,000 long enough so it becomes a strong support checkpoint for them. This will allow them to form stronger rallies as they will start defending the $17,000 mark with all their buying power.
If the bulls are able to make it happen, then the trading price of BTC may surge to a higher level. The first attempt that the bulls may make would be to hit $18,000 with their strong buying momentum.
If the situation falls in their favor and the bears do not pose much of a threat, then Bitcoin’s trading price may surge to a high of $19,000.