The Bitcoin price rally halted the moment Joe Biden was announced as the projected winner of the 2020 presidential election during the weekend with price dropping from $15,500 to $14,400.
Bitcoin is still continuously showing strength as it's once again facing the final resistance zone at $16,000.
The Bitcoin's weekly chart shows the resistance zone at $16,000 as the final resistance zone before a new all-time high can be tested.
The weekly chart also shows support levels if the price of Bitcoin starts to correct.
Such a correction would mean a dropdown of approximately 30% for Bitcoin's price.
That date was the actual top for the year, as Bitcoin's price reached $13,700 and has corrected by 50% since.
Bitcoin dominance continues its climb as it always does in the fourth quarter of the year.
Historically, the Bitcoin dominance tops out in December, after which the first quarter of the year is an excellent period for altcoins.
If Bitcoin decides to consolidate toward the $11,600-12,000 area, there's almost no chance that altcoins will go up inverse to BTC. In that perspective, Bitcoin has to establish a range-bound construction giving altcoins some room to catch up.
The best period to anticipate a potential bullish move for altcoins would be when Bitcoin has finished correcting.
Why a 30% Bitcoin price crash should not catch you off-guard right now
Udgivet den Nov 9, 2020
by Cointele | Udgivet den Coinage
Coinage
Nævnt i denne artikel
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.