Forex and Crypto News

Bitcoin price dropped below $18000

14:55 09 December /2020

This week, the Bitcoin price continues its bearish correction that began on December 1. Since the beginning of December, the price of Bitcoin has lost 11%. Today during the Asian trading session, the price dropped below $18000 and reached a low of $17640. At the time of publication, the price has recovered above $18000.

Analysts explain the continuation of the bearish correction by the growth of Bitcoin sales. Yesterday, sales unexpectedly intensified, which led first to a fall in the price of BTC below $19000, and already today below $18000.

Before the decline in the price of Bitcoin, Santiment analysts recorded an influx of cryptocurrency to exchanges. According to Santiment, 15,852.58 BTC worth up to $278,53 million was poured into various exchanges.

In addition to increasing sales, the price is under pressure from the stock market. In recent days, analysts have noted the growth of the S&P 500 index, its value exceeded 3700 points. The decline in the price of Bitcoin against the background of the growth of the S&P 500 indicates a decrease in the dependence of cryptocurrencies on the stock market. At the same time, the inverse correlation between the Bitcoin price and the US dollar rate is still preserved. The US currency index showed growth today.

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A breakdown of the $18000 level may put pressure on the BTC/USD pair and the bears will try to lower the cryptocurrency rate again. In this case, the BTC/USD pair will find support around $17900. The next support is around $17650.

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