Is Bitcoin Building Support Above $18,000?

Is Bitcoin Building Support Above $18,000?

Bitcoin has been moving between $18,000 and roughly $20,000 since November 30. (Photo by Jordan ... [+] Mansfield/Getty Images)



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Bitcoin prices have been trading north of $18,000 since late last month, fluctuating above this level as the cryptocurrency benefits from multiple bullish factors.

The digital currency has stayed above $18,000 since November 30, according to CoinDesk data.

Several analysts commented on these price movements, offering perspective on whether the cryptocurrency is establishing support above $18,000.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Analysts Weigh In

“Bitcoin is currently consolidating between $18,000 and $19,000,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.



“We are also witnessing an ascending triangle pattern on the chart, and a breakout above $20,000 this month is a possibility,” he added.

“On the downside, there is decent support in the zone between $18,500 and $18,000,” noted DiPasquale.



Mark Warner, head of trading for London-based financial services firm BCB Group, also gave his two cents.



“From a technical perspective Bitcoin