No crash but, a big red candlestick for Bitcoin (BTC) today, December 9, 2020. BTC fell below $ 18,000 before rebounding. Troughs below this level can help BTC finally hit $ 20,000. Some whales take this opportunity to accumulate “cheap Bitcoins”.
The Bitcoin price of the day is offered to you in partnership with the application Swissborg. For a simple registration and a deposit of 50 euros, you will receive up to 100 euros in bitcoins as a welcome gift by following this link.
Big correction but little surprise
Bitcoin is down to the level of $ 17,650 today. For Michael van de Poppe, this drop marks the start of the long expected correction after Bitcoin reached a new ATH without touching $ 20,000 on December 1, 2020.
Bitcoin climbed back above $ 18,000 thereafter. It is trading at $ 18,824 as of this writing.
The BTC Currently registering a daily loss of 3.18%, which is an amount of $ 599.
The BTC had tried several times to break the resistance zone of $ 19,400 – $ 19,500 in recent days.
It was systematically rejected there, causing corrections and creating cracks in the supports between the 18,000 USD – 19,000 USD.
Troughs for institutions
Today’s big correction of Bitcoin can also be interpreted positively: institutional investors like Grayscale with their gargantuan appetites, can take advantage of falls below 18,000 USD to accumulate BTC.
Institutional investors can thus buy the dips forming in the area of 17,000 USD – 18,000 USD.
Analysts do not rule out the possibility of a drop to the $ 16,000- $ 17,000 zone, a scenario that had already occurred during the thanksgiving crash.
This crash nonetheless cleaned up the markets and provided interesting buying opportunities, particularly for institutional investors, factors that contributed to reaching a new all-time high for the BTC.
While Bitcoin went below $ 18,000, major altcoins like Ripple (XRP) and DeFi tokens also saw drops ranging from 10% to 30%.
Will today’s big correction be enough to keep the bullish rally going and finally hit or even exceed $ 20,000? Will institutional investors routinely flock to Bitcoin below $ 18,000, buying troughs and protecting BTC from another crash? The crypto markets are in the red, but maybe that’s to prepare for greener days.
Litecoin, welcome in the Silver Age