Forex and Crypto News

Traders expect a pullback in Bitcoin price

19:56 18 December /2020

This week, the bulls took full control of the Bitcoin price and were able to lift it to a new all-time high. Bitcoin hit $23777 on Thursday. Thus, the difference between the December low of $17569 and the new high is $6208.

However, it is worth noting that after reaching the high, the price of Bitcoin began to pull back. And at the time of publication, the BTC/USD pair is trading at $22650, that is, the price has decreased by $1000.

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Analysts suggest that in the current situation, the price of Bitcoin will fully depend on whether the bulls can maintain their momentum and create strong support around $20000.

Any drop in the price of Bitcoin below $20000 could trigger a deep correction in the medium term. Already, the price of Bitcoin is beginning to show signs of weakness, however, the price is supported by macroeconomic strength and fundamental data. Therefore, a decline below $20000 is still unlikely.

Don't overlook the fact, however, that futures funding has grown "aggressively with a bearish bias" over the past few hours. This could be a bad signal for price.

As written above, the BTC/USD pair is currently trading around $22650. However, this move looks like a consolidation, and the bulls are likely to make another attempt to lift prices above $23000 in the near future.

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