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Bitcoin Retreats By $700 After Rallying Above $18,000

  • After briefly touching $18,000, the price of Bitcoin has retreated by $700, falling to $17,300. It has since inched back closer to its 2020 high, rallying to $17,800.
  • The leading cryptocurrency, by market cap, has defied all odds in 2020. In the face of a pandemic and an economy on thin ice, it has become the best performing asset of the year.
  • The uncertainty and economic strain could actually be what’s benefitting Bitcoin the most, prompting investors to pour their capital into the scarce digital asset to protect wealth and adapt to the coming digital era.
  • As the dollar weakens and more money supply is printed, Bitcoin has shown its true potential. In less than a month, Bitcoin rocketed to $18,474 at the current 2020 peak, bouncing back from the crash in May.
  • With bulls on the ropes and Bitcoin having already been on an incredible run, the current pullback poses the first potential window for a short-term peak.
  • Read the full story here.

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