The price of Bitcoin (BTC) has started to rally once again on Dec. 13, rising above $19,200 after dropping to sub-$17,600 on Friday. The significant increase in buyer demand in that area indicates that BTC may take but seen a short-term bottom.

When Bitcoin initially dropped to around $17,700, on-chain analysts, including Edward Morra and Nik Yaremchuk, pinpointed large buy orders on Bitfinex and Coinbase.

Equally soon as the BTC price briefly dropped below $17,700, it started to rebound quickly, reclaiming $18,000 within three hours.

Is this the new Bitcoin run-upward to the all-time loftier?

Conventional technical assay suggested that the logical Bitcoin lesser would likely be established at $17,000. It marked the elevation of a weekly candle in January 2018, and it is also a major back up area on lower time frame charts.

Morra noted that Bitcoin may have appeared to recover randomly at $17,600 if traders were non observing exchange heatmaps.

Bitfinex order book for Bitcoin-USDT. Source: TradingLite

Society books and heatmaps showed whales heavily bidding the $17,600 level, which probable marked a local bottom. Morra said:

"Finex whale protecc, Note that regular charts looked pretty ugly and toll bounced out of nowhere to yous if y'all didn't watch heatmaps."

Yaremchuk, a cryptocurrency trader and an on-concatenation analyst, shared a similar sentiment when Bitcoin hit $17,600. On Dec. eleven, the trader said:

"$BTC reached $17.6k in my stance, this is the lesser."
Bitcoin 4-hr price chart with trendlines. Source: Nik Yaremchuk, TradingView.com

Bitcoin rebounding from $17,600 is highly optimistic because it printed a higher low formation on the iv-hr chart. This means that the lesser of the recent correction is higher than the previous bottom — a trend often spotted during rallies.

The Bitcoin price also began to rally afterwards information technology surpassed $18,800, which Cointelegraph identified as a potential whale cluster expanse and key resistance level.

Next levels to watch

In the near term, there are 2 key factors to consider. Beginning, as Cointelegraph consistently reported, Bitcoin sell-pressure remains relatively high. 2nd, this would mark the second retest of the all-fourth dimension high since Nov. 30.

There is an argument to be fabricated that there is now less selling force per unit area in the nigh term since miners and whales sold-off heavily final week. In other words, this was the much-anticipated correction and the bullish U-plow has been confirmed.

The probability of new all-time highs increases further if Bitcoin surpasses the $19,400 resistance adjacent with low selling pressure.

A pseudonymous trader known as "Beastlorion" said that the lack of sell pressure level may trigger a large rally in the short term, saying:

"The price activeness on $BTC correct now is something else. There's like 0 sell pressure. Information technology feels similar the cost is getting pulled up at this point instead of pushing up. Just look at those book bars. Big pump coming IMO."