Bitcoin (BTC) has reclaimed its previous peak of $19,400 after last week’s minor correction.
The largest cryptocurrency by market capitalization traded higher over the weekend, forming an ascending channel and briefly reaching $19,400. As trading within that channel proved unsustainable, BTC broke out and began moving sideways just above the $19,100 support level.
With bitcoin regaining most of the value lost during its recent pullback, the outlook has turned highly optimistic and a strong push toward new all-time highs is considered likely. Looking at weekly performance, BTC finished in the green with a gain of 2.80%, slightly outpacing ETH’s 1.97% rise. By contrast, XRP declined approximately 13.11% over the same period.
At the time of writing, BTC is trading around $19,150, representing a monthly increase of over 4.22%.
BTC/USD
Bullish momentum returned on Friday night, producing a forceful ascending channel that pushed price from $17,600 up to $19,400. That move highlighted support near the 23.6% Fibonacci retracement level at $17,875. However, trading inside the newly formed channel could not be sustained and the largest cryptocurrency ultimately broke out of it, entering a consolidation phase.
Given that the recent upside has shifted market sentiment from mildly bearish to strongly bullish, an additional rally and a possible retest of prior highs appear to be the more probable scenarios. Traders should nonetheless respect the significant resistance near the psychological $20,000 level.
Daily BTC/USD chart. Source: TradingView
Technical indicators show the daily RSI is relatively flat and trading near the 60 mark. Market participants may also watch the Hash Ribbons indicator, which issued a buy signal on December 3.
As noted, bullish sentiment around bitcoin is likely to drive prices toward prior highs, but clearing $20,000 decisively will require substantial buying pressure. If BTC manages a confident breakout above $20,000, the next notable resistance area lies near $20,750. Conversely, failure to breach the $20,000 zone could lead to a re-test of support around $18,000.
1-hour BTC/USD chart. Source: TradingView
On the 1-hour chart, bitcoin clearly exited the ascending channel and has since consolidated around $19,100. This support level has held well so far—dropping below it is possible but appears unlikely in the near term. If BTC does slip under $19,100, the next support can be expected near the 38.2% Fibonacci retracement at $18,600, followed by the zone between $18,190 and $18,450.
Immediate resistance remains the 2017 high at $19,666, which extends toward the psychological $20,000 barrier.