Recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020, the price hit a low of $19,030.09, which is considered to be a new all-time low.
However, the appearance of a double bottom pattern has led to an optimistic outlook on this correction.
Bitcoin can rebound, as is now more evident. Obviously, there will be some challenges along the way. The Bitcoin price present momentum is one of the cryptocurrency’s major challenges.
The current momentum is merely reversing the past downward trends, thus it may not be enough to break through the $25,000 price level, according to latest analyses.
Bitcoin Price: The Familiar Resistance Level
Bitcoin’s price actually did reach $25,000