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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In?

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin

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The price of bitcoin had dropped dangerously close to the 2017 cycle peak on Wednesday. It was a brutal decline for investors who watched their BTC portfolios incur losses after losses. Speculations were rampant in the space on what a touch below $20,000 would have meant for the market. The implications were abundant in their impact but the recovery back above $21,000 has staved off the bears, if only for a little while.

Is The Bitcoin Bottom In?

After the market recovery on Wednesday, it has become apparent that there has been some intervention in the market crash. With bitcoin in the $20,000 level, many had resigned to the fate that there would be no respite until the 2017 high levels were broken. If this had happened, it would have marked a first-of-its-kind event in the history of bitcoin where the digital asset had always managed to never trade below previous cycle peaks. 

Related Reading | Bitcoin Crash Sends Institutional Investors Running For The Hills

As such, significant support forming right above $20,000 has restored some hope in the market that this would be the bottom. So far, this theory has managed to hold as bitcoin has turned back into the green for the first time since the crash began.

More importantly, though is the fact that the recovery has not been significant by any measure. The digital asset still remains well below its 20-day moving average, a sign that bears can easily take hold once more. 

Bitcoin price chart from TradingView.com

BTC decline triggers fear of hitting previous cycle peak | Source: BTCUSD on TradingView.com

However, bitcoin is said to be at oversold levels. So, the market expects to see fatigue in the sell-offs that have been rocking the digital asset. A slowdown would definitely be good for bitcoin but it would need to see more recovery to ensure this.

Implications Of Falling Below $20,000

The $20,000 level is important for bitcoin to hold for a number of reasons. One of the most major of these are the MicroStrategy bitcoin-backed loans. The way these loans are structured leave open a margin call opportunity if BTC to fall below its previous peak cycle. And although CEO Michael Saylor has assured the market that the firm has more collateral to put towards its loan to avoid a margin call disaster, it remains a very real possibility.

Related Reading | Double-Digits Losses Are The Order Of The Day As Bitcoin Declines To $20,000

Another implication is the Celsius liquidity levels. Now, the first is said to have paid off some of its loans which had pushed its liquidation price back to $14,000 but a break below $20,000 shows no significant support and would quickly see the lending protocol liquidated.

Last but not least is the fact that bitcoin at $20,000 represents an important technical and psychological level. Given that the majority of BTC-denominated open interest are all at the $20,000 level, a break below this would see renewed sell-offs from investors. 

The only major support after this level is at $16,000, after which, it falls to $14,000, the Celsius liquidation price. However, if bitcoin is able to recover above $25,000 by the end of the week, a test of the $29,000 resistance point would quickly follow.

Featured image from Listverse, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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