Bitcoin price is now almost $ 3,000 below its high earlier this week, only to set a new record for the cryptocurrency.
After some strong attempts by bulls to get back above $ 17,000, bears may have put the zone in strong resistance and are now standing up to break any remaining support.
Bitcoin Bulls and Bull go to war with $ 17,000
Bitcoin price fluctuates after being rejected while retesting its all-time high. With just a few hundred dollars below the previous high – if that is the case depending on the exchange – the leading cryptocurrency by market capitalization has been revised sharply by 15%.
There has been a $ 3,000 drop in support so far, but bears may have successfully tossed $ 17,000 into resistance in shorter periods of time.
The four-hour chart shows a critical retest of $17,000, which bulls failed to reclaim | Source: BTCUSD on TradingView.com
Bitcoin bulls are sticking to their weekly support, which was reset in early January 2018, and are staying afloat for the time being. However, if bears continue to cut cryptocurrency prices, things could get a lot worse.
Bitcoin is trying to hold above daily support from 2018 | Source: BTCUSD on TradingView.com
When a certain technical indicator reaches such an extreme value, statistically up to two-thirds of the price of the top crypto-asset can be lost in the subsequent correction.
Related reading | Bitcoin indicator reaches historical extreme: price loses two thirds when reversed
But after such a severe crash, the recovery is just as incredible. Any instances where this extreme deviation occurred hit new highs immediately as soon as the Bitcoin bulls regained control.
While this won’t be possible for some time, given the ease the bulls have had for the past few weeks, the bull market is here and there won’t be much that can stop Bitcoin.
Featured image from Deposit Photos, Charts from TradingView.com