Markets are volatile: The bulls refuse to give in despite pressure from sellers pulling the price of Bitcoin (BTC) to levels near $ 18,000. Some expect Bitcoin to cross $ 20,000 in its next attack; others are betting instead on a correction in the BTC price.
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Torn on both sides
Bitcoin continues to record high volatility. After climbing back above 19,440 yesterday, December 1, 2020, the BTC dropped below $ 18,400 today, December 2, 2020.
It subsequently began an ascent taking its price above $ 19,340. The BTC Trading at $ 19,059 as of this writing.
Bitcoin was close to hitting $ 20,000 yesterday, December 1, 2020. The rejection makes the markets particularly volatile with bitcoiners on the one hand taking advantage of the current rally by selling their Bitcoins and, bulls who on the other hand try to maintain the price of BTC above 19,000 USD.
The daily RSI (14) of Bitcoin is 64 while its price is less than $ 1,000 of $ 20,000. The bulls still have room to run towards them, before the markets are overbought.
Some traders like Michael van de Poppe believe that the probability of a correction increases, especially if Bitcoin consolidates below $ 19,000.
Other analysts, however, expect Bitcoin exceeds $ 20,000 on the next attempt.
The BTC had suffered a 10% drop almost immediately after hitting its old ATH at $ 19,892 yesterday.
The current rally is based on the gargantuan appetite of institutional investors for Bitcoin. Coinbase was responsible for the purchase of $ 425 million in Bitcoins for MicroStrategy in September 2020.
Grayscale and PayPal also now absorb a large part of the supply of Bitcoins in circulation.
Is Bitcoin Really Ready To Attack $ 20,000 Again After The Dec 1, 2020 Rejection? The $ 18,000 held up this time around, preventing another crash within a week of Thanksgiving. The bulls even manage to push BTC back above $ 19,000 despite the current strong selling pressure. Institutionals are still there – and they are unlikely to give up Bitcoin anytime soon. Have the HODlers no reason to worry?
Litecoin, welcome in the Silver Age