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As Bitcoin price topped a record-breaking high price of $28,400 USD, it battled to continue the surge, crashing back down to its new support level.
BTC price drops nearly $2,000 USD
Bitcoin shot up, gaining over 15% in a 24-hour trading period, the token hit a bull run on Christmas day. Leading afterwards, though, the cryptocurrency battled to sustain its upward surge and fell from $28,000 USD back to $26,500 USD. While a price dip is never a sign the market wants to see, the price of Bitcoin still remains steady hovering around the $27,000 USD mark. This price is still over $7,000 USD more than Bitcoin was holding at the beginning of the month.
With any bull run, any volatility is not surprising and a correction doesn’t come unexpectedly. As it stands Bitcoin has yet to pick a direction and remains sideways trading heading into the end of the year.
“The bull cycle of bull cycles has started”
As Bitcoin analyst Michaël van de Poppe put it, the unprecedented price of Bitcoin marks an exciting move. More and more investors are starting to add Bitcoin to their portfolios and the cryptocurrency market as a whole is gaining from Bitcoin’s adoption:
1 #Bitcoin is now worth more than $28,000.
— Michaël van de Poppe (@CryptoMichNL) December 27, 2020
As institutional investors enter the market, the price of Bitcoin has been sustainably increasing. Not only does this mean more investors are eyeing cryptocurrency as an investment opportunity, but it also means that the price of Bitcoin will likely see – and more importantly be able to hold – new support levels. This could introduce new health and overall strength to the market and alleviate some of the famous volatility Bitcoin and cryptocurrencies face.