Bitcoin faced a strong drop two evenings ago when it fell from $18,500 to $17,500 in the span of minutes. But true to the volatility of the market, the cryptocurrency has quickly bounced back. As of this article’s writing, the price of BTC sits slightly above the key $18,000 resistance, though was as high as $18,200 just hours ago.
Analysts think that Bitcoin will continue its ascent as it manages to hold the low-$17,000s as support. The low-$17,000s are of importance on a technical level to Bitcoin because these levels acted as support and resistance during the 2017 and 2018 peak.
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Analysts think that Bitcoin moves higher from here as it manages to hold the low-$17,000s as support. A cryptocurrency analyst, referencing the chart seen below recently said:
“sigh this is so retarded bullish strong daily close here and