For the past few days, the bitcoin price ranged below $19,500 and $19,600. The BTCUSD pair made a couple of attempts to gain strength above $19,400, but it could not get back to its high.
Currently, Bitcoin is trading under $18,328, after continuous failed attempts to sustain above its former all-time high and flip the recent price record from resistance to support.
Bitcoin Going Down the 2017 Road?
Bitcoin’s price closed its daily candle last night above $17,700. This price movement may be a major struggle for the coin on its expected massive uptrend. However, is that the end for it?
Source: BTCUSD on TradingView.com
Bitcoin is still far ahead of nearly every other mainstream financial asset in this year’s returns, even with the $500 per BTC pullback two nights ago. If it goes downwards by any chance, it will likely be short-lived, and the flagship cryptocurrency will be right back chugging along in its bull market in no time.
Crypto investors shouldn’t forget that although Bitcoin is very bullish at the moment, it is still the same cryptocurrency that crashed from $20,000 to $6,000 in two months. It then also went from $10,000 to under $4,000 in less than a month in 2020.
At the moment, the market isn’t considering this, and yet it could be its undoing. Bitcoin’s volatility could see it correct extremely hard, yet a rapid surge is possible after the predictions analysts make for next year for $100,000 and above.
The Next Break for Ethereum Price
This week, Ethereum maintained above the crucial support at $585. The ETH price went as high as $607, but it started to decline within a range.
The altcoin experienced a break below the $600 support level and the 100 hourly simple moving average. Bears have made some attempts to clear the $585 support, their efforts proving successful.
Source: ETHUSD on TradingView.com
In that case, the coin corrected lower to $550, but redeemed itself up to $565.. There is a crucial bearish trend line forming with resistance near $590 on the ETHUSD hourly chart. The bulls must work to pass this level to regain the second-largest coin’s price over $600.