Bitcoin faces stiff resistance in march towards new all-time high

Bitcoin short positions reach highest point since April

Bitcoin continued to experience stiff resistance on Wednesday on its march towards a fresh all-time high.

The world’s leading cryptocurrency broke the $19,000 benchmark for the first time in three years on Tuesday reaching as high $19,400. Having done so, the digital currency fell back down by $700, likely as a result of the large number of sell orders placed between $19,450 and $19,500.

While many are expecting Bitcoin to surpass the previous all-time high of $19,783.06 reached in January 2017 and even break $20,000 by the end of the month, the number of naysayers is not insignificant.  

In reaction to Bitcoin rising by 66 per cent in the past five weeks, the number of short positions against the crypto have also risen to their highest point since April 2020.

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By late-afternoon, Bitcoin traded down 0.1 per cent at $19,048.50, up 167 per cent on the year to date.

FURTHER READING: Micron analysis: will Black Friday send the price higher?

FURTHER READING: XRP surge continues

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