EQONEX‌‌ ‌ - Morning‌‌ ‌‌Update‌‌ ‌ - ‌‌December‌‌ ‌‌17th‌‌ ‌ ‌

The 20K mark has been looked at with wonder since 2017, when we rallied massively and into the 19K’s. In December 2020, we finally made the breach.

New ATH? $21,420

The fascinating thing is: prices didn’t even whipsaw back down. One could have  expected to break through and then retrace immediately down, but, at time of writing, BTC is closing at $21,300, up 10% from open.

What changed yesterday? Honestly, not much from a fundamental perspective. The growing interest from institutions continues but that had been going on for a while and prices had stagnated or remained under 20K for about two weeks. Somehow, the buying pressure overtook sellers just enough to push through.

Unsurprisingly, BTC futures open interest hit an all-time high too.

Of course, once past 20K, massive liquidations of leveraged shorts took place, triggering even higher prices. Yes, liquidations work both ways and people can get ‘rekt’ to the upside.

What to do now? We’re in price discovery mode, really. There’s no obvious resistance above because, well, we’ve never been this high before. It will be interesting to see whether 20K becomes a massive support, or, if we need to spend more time retesting the 19K’s, 18K’s, etc. 

Also, by the way, it’s really interesting to see alts performing well. Most aren’t rising as much at BTC, trading between 5-8% up on the session.  We saw some exceptions, though, like LTC up 12%, XLM up 10% or XRP up 15%.

That’s it for me today. Anybody trying to predict price levels on the short-run and at this point could be either right or wrong, instead, I’ll be watching attentively for what markets have in store in the coming days and weeks. It’s going to be fun.

Written by: Justin d'Anethan, Sales Manager