Bitcoin is losing more than 5% to trade below $18,500

Mohammed Abdelkhalik
December 9, 2020

Ad Disclosure

Bitcoin Market Overview

It was a bad day for Bitcoin, as it collapsed and lost all the profits it had gained since November 29, over the past few days the $ 19,000 streak has become a war zone, with Bitcoin rising and falling on the price line in the absence of a clear dominance of bulls or bears.

Bitcoin has fallen by more than 5%, losing more than $ 900 over the past 24 hours, breaking the support level of $ 18,500 and currently trading above $ 18,100, and the currency could return to recover, but gains could face hurdles near $ 18,500.

The standard cryptocurrency began a new decline after it failed to stay above the $ 19,000 support level, after many failed attempts to surpass $ 19,500 and $ 19,600, but the bitcoin price responded to the downside to break the $ 19,000 support and settle below $ 18,500.

Bitcoin to USD chart - 10nd December 2020

What happened for Bitcoin yesterday?

Things have changed since Tuesday, as the currency rapidly fell from $ 19,299 to $ 18,798. Within just three hours, it was unable to recover from the fallout for the rest of the day, although it managed to maintain stability over the following hours.

But a final blow was dealt with Bitcoin, which fell from $ 18,771 to $ 18,340 in less than one hour and then continued to slowly decline, bringing the price to $ 18,138, after that, the price was able to correct a little, and is currently trading at $ 18,190, most analysts believe that this decline Normal behaviour after those large successive gains, so it is natural for the currency to enter a corrective wave and take profit.

The collapse of the leading cryptocurrency was a major blow to the crypto market, in just one-day global capital lost $ 35.14 billion, of which $ 19.1 billion came from Bitcoin alone.

Facebook hopes to launch its digital project in 2021

Facebook CEO David Marcus said that the cryptocurrency project will be launched next year. At the Singapore Fintech Festival, Marcus added that he hopes Diem and Novi will participate in the big changes in the coming year and went on to say that we are awaiting regulatory approvals where we need to Get it first.

Facebook has made efforts this year to rename the much-vetted cryptocurrency project initially called Libra. It first changed its wallet name to Novi while the company announced last week that it would now be called Diem.

Deem CEO, Stuart Levy, said that the Deem project is a simple and innovative platform designed on the latest developments in financial technology, and aims to enable consumers and companies to complete their transactions in an instant, low-cost, and highly secure manner.


Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.