US and EU lead Bitcoin’s price action

After weeks of flatlining, Bitcoin has finally seen some positive price action, breaking through the $20,000 resistance. At press time, BTC stood at $20,745 and showed the potential to inch even closer to $21,000.

Bitcoin’s rally could have been a result of a significant increase in buying pressure from the U.S. and E.U. markets, which showed little interest in BTC in the past months. According to data from Glassnode, this is the first time since August 16 that the U.S. and E.U. have bought BTC. Historically, increased buying pressure in these two markets has correlated with price rallies.