Bitcoin Breaches US$18,000-Level: What’s Coming?

Bitcoin price against the US Dollar (BTC/USD) fell below the US$18,000 level today. Though it soon recovered and is now trading at US$18,275.47, at one point in time it slid down to US$17,640.56. Today’s (December 9, 2020) latest price fall is the continuation of the bearish comedown that was triggered after the BTC/USD pair touched an all-time high at US$19,920.53 on December 1, 2020.

The Bitcoin price broke the key support at US$18,000 during today’s trading hour, followed by a downward break of a critical moving average level. Today’s 24-hour low was $17,640.56. At that time, the 24-hour losses were totaling over 7%.

Once the support was lost higher up, exchange data showed buyer interest lined up at the US$16,200-level. Michaël van de Poppe, Cointelegraph Markets analyst, tweeted:

“Testing levels multiple times doesn’t make the level stronger. Downtrend likely to continue? I think so, unless $18,500–18,700 is reclaimed, I think we’ll continue correcting.”

However, Michaël van de Poppe and other analysts are keeping their overall estimate positive as they believe big players and large volume clients are lining up for buying opportunity at lower levels. Most analysts believe that Grayscale, Paypal, Square, MicroStrategy, and many other big players will buy strongly at lower levels as the small crypto “traders, shitcoiners, and weak hands” sell-off.