Crypto News

Bitcoin Unlikely To Reach $20,000 In 2020 As Price Correction Continues

  • Bitcoin’s downward trend has continued with its price dropping below $17,600 on Dec. 11, the lowest level since November.
  • The correction seems to have started 10 days ago when the leading cryptocurrency touched a new all-time high. It has since gone down 10%.
  • Recent news of a potential crypto regulation in the United States is bringing fear to the otherwise euphoric market. However, other markets have also suffered this week with equities also cooling off.
  • Bitcoin’s 4-hour chart is implying a clear downtrend. Such a downward trend is confirmed by lower highs and lower lows.
  • Bitcoin’s price couldn’t break through the all-time high region, after which $18,500-18,700 acted as a strong support area for a week.
  • After three tests, the support failed, and Bitcoin’s price fell through to the next support level between $17,600-17,800.
  • To become bullish, this zone had to flip for support, which it failed to do. This rejection confirmed the bearish support/resistance flip, after which the downtrend resumed.
  • Read the full story here.

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Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

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