Bitcoin obeys law of gravity, drops $1,200
- 29th December 2020
- Posted by: Hakeem
- Category: Crypto
The world’s flagship crypto, Bitcoin, seems to be falling, in line with Issac Newton’s most popular law which states that “What goes up must surely come down.”
The most popular crypto exchange lost over $1,200 in value some hours ago after trading as high as $27,200 yesterday.
What you should know
- After topping record-high gains, Bitcoin encountered heavy selling pressure above $28,300.
- Unable to sustain its extremely rapid upward trajectory, the largest cryptocurrency fell to lows of $26,500.
- At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control as it fluctuated around $27,100.
- Regardless of the prevailing drop witnessed at the flagship crypto market, Bitcoin is still on track to record its best monthly winning streak in more than a year after, breaching the $28,000 level over the weekend.
- Recall that some days ago, Bitcoin reached an all-time high of $28,365 before pulling back some of its gains, thereby printing an enviable run of outsized returns over three months. So far, this is the longest winning streak seen since mid-2019.
Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the “inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase here on in as retail starts entering in large numbers, attracted by the price rises.”
However, as it gained more than 300% in 2020, many crypto experts wonder if Bitcoin can continue such gain in 2021.