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Bitcoin rebounds to $18K after crucial support level holds — What’s next?

Bitcoin rebounds to $18K after crucial support level holds — What's next?

Bitcoin (BTC) has seen an incredible run, significantly since September, with BTC worth surging from $10,500 to $18,400 — a rally of 75% in lower than three months.

What’s extra, since March, BTC/USD has gained virtually 400%, making it the best-performing asset of 2020 and certain catching many traders utterly unexpectedly.

Let’s check out the charts to see whether or not the present rally is sustainable and if a reversal ought to be anticipated within the close to time period. 

Bitcoin hits 1.618 Fibonacci and should discover a prime quickly

BTC/USDT 1-week chart. Supply: TradingView

The weekly chart of Bitcoin reveals an enormous run within the earlier interval because the area across the all-time excessive is being tapped.

A transparent resistance zone is marked round this all-time excessive and, thus, might function a set off for traders to take some income off the desk.

Extra importantly, nevertheless, is that the 1.618 Fibonacci extension was additionally reached. The Fibonacci device is a robust indicator to mark potential tops and bottoms, and the 1.618 degree is arguably essentially the most substantial.