Bitcoin Price Review: Week 48 — 2020
What a difference a day makes. If I’d been writing this bitcoin price review yesterday, we’d be approaching all time highs with no hurdles in sight. Today, however, is a different story.
As of writing, the price of bitcoin is $17,332.
- Bitcoin is down roughly 10% in the last 24 hours
- Bitcoin is down just over 4% in the last week
- Bitcoin is still up almost 27% in the last month
Bitcoin Eyes Correction Territory
There’s no need to panic. Two weeks back, we mentioned a potential pullback and hovering in the $14,000–16,000 range. This type of correction remains in play. We’re not there yet, but don’t rule anything out.
Bitcoin is stopped in its tracks before reaching all time highs this week. Sellers are likely taking profits before another shot at an ATH.
Bitcoin fell on some exchanges from roughly $19,400 to the mid $16,000s in a matter of 24 hours. The sharp drop implies a sell-off for traders taking profit. At this point, there’s no indication that anything beyond profit-taking is occurring.
Bitcoin Support Exists
Our previous call for support between $14,000–16,000 has held up/hasn’t really even been tested yet. Bitcoin didn’t quite reach those levels although a further sell-off is possible. Most, however, do not expect bitcoin to dive beyond those levels.
Ki Young Ju, CEO at analytics firm CryptoQuant, sees more BTC corrections coming but remains bullish even in the short term. He took to twitter during the steep sell-off to express his view that bitcoin will ultimately break $20,000 before the end of the year.