On yesterday's day Bitcoin touched a new minimum of 18 months to $ 17.500, before quickly recovering above $ 20.000 in the following hours, giving the bear market some respite. According to data from CoinMarketCap, Bitcoin has rebounded by just over 15% in the past 24 hours, rising from the new disappointing low of $ 20.482 at the time of writing.
Bitcoin is currently pushing into the all-time high range of 2017, between $ 17.000 and $ 20.000, and is constantly on the lookout for bearish prices, signaling excessive pressure from sellers.
Bitcoin fell to $ 17.677,42 on Saturday before recovering to $ 18.290,74. After Tesla CEO, Elon Musk, he tweeted that he was in the process of buying on Dogecoin, the most sought after cryptocurrency has extended its recovery.
Going under $ 20.000, BTC triggered a market trend that analysts say could trigger a wave of forced downs. Big investors in both cryptocurrency would be forced to close positions on BTC and ETH in such a scenario.
Bitcoin and Ether make up just over half of the cryptocurrency market capitalization, which fluctuates often. In the previous hours, the entire cryptocurrency market grew 3,7% to $ 972 billion.
Recall that Bitcoin lost 30% of its value, while Ether fell 31% during the previous week. Bitcoin fell 72% from its all-time high of $ 69.044,77 set on November 10, while Ether fell 78% from its all-time high of $ 4,878,26 set on the same day.
In short, Bitcoin has momentarily interrupted a collapse that, according to some market analysts, could push the most important cryptocurrency in the world up to 13.800 dollars in the current bear market, climbing up to levels above 20.000 dollars.