Why do traders believe that $ 20,000 will be the next important support for bitcoin?

Bitcoin price is hovering around $ 16,000, and altcoins are also they remain stable in the short term.The price of bitcoin is hovering around $ 16,000, and altcoins are also rising successfully.The price of bitcoin rose to $ 16,000 last Friday, after the price of ether for the first time in nine months dropped below $ 3,600. Meanwhile, altcoins are also growing rapidly. Coincidentally, ether for the first time in nine months rose to $ 520 on Binance.Ethereum for the first time in nine months rose to $ 520 on September 26, shortly after the price of bitcoin reached a local high of $ 15,960.This sharp price increase caught traders off guard. Traders have been gradually increasing their short positions over the past few months. But when BTC suddenly surged to $ 20,000, the trend shifted from bullish to bearish. This event led to a sharp jump in the price of ether to $ 1,120, from where BTC is currently trading.Is there a technical explanation for the BTC rally?The technical analysis section of the popular network analytic resource Glassnode explains the recent BTC rally. The exchange points out a significant increase in Binance's "Largest" order books, which are masses of long contracts. Previously, these large open positions in bitcoin were used by exchanges as a way to accumulate large leverage. But now these positions are actively liquidated as BTC declines.Largest BTC open today on September 26 at $ 16.92 million in a contract for $ 1 million. Prior to this rally, these contracts represented 63% of the total open interest. on Binance. Contracts with a maturity of more than three years are considered the core groups of open interest. Contracts in excess of three years old they are considered a form of leverage.Based on the rapid price increase and intense selling pressure in the market, traders expect the BTC rally to continue. They said:"A massive ascending triangle is at $ 16,492. 54, which is the peak of the previous high, and this is the next zone, and we are still in the process of finding new support. It looks like the market is overloaded with long positions, and miners are also selling bitcoins at current prices."We recommend you to read the article: "What if we superimpose today's bitcoin chart on the one I drew in the previous year? How I predicted growth in 2021 three years ago"If You can share your opinion in the comments section!