Bitcoin takes a tumble to $27,200 only minutes after hitting $28,400 earlier today. BTC is currently trading at $26,957.90 as of 11:30 pm ET.
Bitcoin Falls to $27,200 Minutes after Hitting $28,400
Over the past 24 hours, Bitcoin’s price has been heading firmly upwards. Minutes after it had hit $28,400 in price valuation, however, the world’s most popular cryptocurrency slumped to $27,200 and has subsequently fallen to $26,957.90 over the past several hours.
Bitcoin price fluctuations aren’t new and they are part and parcel of the currency’s way of existing. Prone to even the slightest tremble, Bitcoin is touted as an emerging opportunity to store wealth and some investors have opted for Bitcoin over gold in the past months.
Yet, due to BTC’s inability to sustain its growth trajectory, the currency now seems to be taking an expected withdrawal, albeit observers are speculating that Bitcoin will cross the $30,000 threshold “soon.”
Bitcoin has reached over $500 billion in market cap and on Monday, we will most likely have the largest Bitcoin CME futures gap to date. Part of the reason why is Bitcoin’s quick ascension past its resistance level, set at $24,000, and BTC trading in free fall ever since.
The quick valuation from $24,000 to $25,000 to 26,000 and finally to $28,000 earlier today all came within 24 hours, leaving no time for markets to adjust. Cointelegraph’s trader Michaël van de Poppe is cautious about Bitcoin’s prospects, which may be now headed back to $19,500 as a possible “retracement zone.”
By all means, $20,000 has proven an easy clear for Bitcoin, which has enjoyed backing from substantial financial investors. However, moving past the $30,000 threshold will prove difficult for traders who are bullish on Bitcoin.