Bitcoin Hits New High Before Losing Plummeting Below $19,000 December 1, 2020 December 1, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsDecember 1, 2020 by Kelly Cromley

Bitcoin Hits New High Before Losing Plummeting Below $19,000

After hitting a new record high of $19,832.27 earlier today, Bitcoin (BTC) turned extremely volatile. The numero uno cryptocurrency faced intense selling pressure and in a matter of one hour lost about 2% to trade at $18,338.09.

At the time of writing this article, Bitcoin was trading at $18,712.83, reflecting a loss of 1.5% in the last 24 hours.

Data provided by Trading View and Coingecko indicated that BTC/USD is going through extreme volatility, making it highly difficult to forecast the trend.

Before, the selloff began, Bitcoin (BTC) tried to break above the level of $20,000, but got rejected near the psychological level to lose over $1,000 in a matter of less than 10 minutes and fall below $19,000.

Bitcoin’s price movement was almost similar to the one exhibited last week. At that time, Bitcoin attempted to break $19,500, but did not succeed.

With this decline, traders will begin monitoring the latest gap (between $16,900 and $18,300) in Bitcoin futures market. The gap may get filled, if the retracement continues.

In the meantime, Bitcoin’s volatility had a ripple effect on altcoins, with Ether (ETH) sharply declining below $600 to trade near $591.11, reflecting a loss of 1.6% in 24 hours, at the time of writing this article. The price reversal has caused a slight dent in the enthusiasm about the roll out of Ethereum 2.0, the next version of Ethereum protocol.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.