Cryptocurrencies under pressure once again. Just a correction?
Bitcoin is trading lower for the second day in a row. The most famous cryptocurrency has dropped below $18,000 handle today and continues to move lower at press time. 3% drop on Bitcoin can still be seen as quite modest when we compare it to other digital currencies - Ripple is trading 9% lower today while Stellar is making a 7% dive. Cryptocurrencies lost steam after Bitcoin tested its all-time high area below $20,000. The question now is whether we will see a similar reversal to the one from the turn of 2017 and 2018 or will declines end quickly as they did at the end of November 2020?
Bitcoin plunged below $18,000 handle today and reached a daily low near $17,550. The nearest support zone can be found below the $17,400 handle. Source: xStation5
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