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Bitcoin price hit $19,469 for the first time since December 2017, but there are a few key factors that could prevent Bitcoin from reaching a new all-time high. There are three potential reasons why Bitcoin faces resistance at $20,000: a bull trap, high resistance, and an overcrowded derivatives market.

Potential Bull Trap

A cryptocurrency trader who goes by the name "Bitcoin Jack" called Bitcoin at its lowest point in March, raising a potential bull trap.

A "bull trap" refers to a technical pattern in which late buyers or long-term holders are trapped due to a decline in the price of an asset.

Regarding Bitcoin Jack’s potential price trend predictions, a trader named “NekoZ” emphasized that such a trend is possible. He wrote:

“It’s scary to see prices drop to 12,000 because my forecast for a retracement is between 16,000-18,000.”

$20,000 is Bitcoin’s major resistance level

If Bitcoin crosses $20,000, it will look for a new price ceiling.

In theory, Bitcoin can achieve various goals that many industry executives and analysts have shared over the past year. For now, most forecasts place the new price cap somewhere between $25,000 and $100,000.

Among the major, Bitcoin perpetual swaps have funding rates ranging from 0.05% to 0.1%.

Given the very high funding rates, short sellers may be eager to short the sub-$20,000 area.

Active OTC markets are a variable

Despite this, on-chain data shows that the OTC market remains active. This usually indicates that whales, high net worth investors, and institutions may be buying Bitcoin.

Ki Young, CEO of CryptoQuant
Ju said: “The OTC market remains active, Bitcoin liquidity hit a three-year low a few days ago, and only 3% of transactions were for FX deposits or withdrawals on the network. There may be a pullback, but I think it It will eventually break through $20,000.”