Bitcoin price hits $18K but traders expect 'shallow' pullback before new high

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Just set another 2020 high by rallying above $18,000 for the first time in three years.

On Nov. 17, the BTC price rallied to $17,858 after a highvolume surge pushed the price cleanly through the $17,100 to $17,300 range that many analysts believed would be a strong resistance level.

According to Decentrader co-founder Filbfilb, Bitcoin's price could continue to march higher in the short term if key underlying supports hold.

As shown on the weekly chart, Bitcoin is just a hair away from snatching the $19,763 all-time high reached on December 2017, and on multiple timeframes, the volume profile visible range shows there is little resistance above $17,000.

Analysts were expecting the price to briefly consolidate in the $17,500 to $17,700 range as some traders took profits, but bulls appear intent upon pushing BTC higher.

To date, Bitcoin has rallied 13.06% since breaking through the $16,000 resistance, therefore a period of consolidation to build support for the next leg up is healthy and expected.

As BTC stormed through the $17,000 level, there was a lot of talk about whether the price would reject near the 2017 high or break through the "Resistance" and rally to a new all-time high.

"If we drive up to $19,050 this week, I would expect a pullback to the $17,000 level. There's a lot of new money in Bitcoin, they've never experienced a Bitcoin retracement! In the past, Bitcoin has retraced sharp up moves, but this time, there is one missing ingredient! The lack of auto-liquidation of leveraged longs."

All throughout 2020, Cointelegraph has reported on the growing trend of large-size Bitcoin acquisitions by institutional investors.

Derivatives markets is the result of bigger hands becoming involved with Bitcoin.