Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In?

The price of bitcoin had dropped dangerously close to the 2017 cycle peak on Wednesday. It was a brutal decline for investors who watched their BTC portfolios incur losses after losses. Speculations were rampant in the space on what a touch below $20,000 would have meant for the market. The implications were abundant in their impact but the recovery back above $21,000 has staved off the bears, if only for a little while. Is The Bitcoin Bottom In? After the market recovery on Wednesday, it has become apparent that there has been some intervention in the market crash. With bitcoin in the $20,000 level, many had resigned to the fate that there would be no respite until the 2017 high levels were broken. If this had happened, it would have marked a first-of-its-kind event in the history of bitcoin where the digital asset had always managed to never trade below previous cycle peaks. Related Reading | Bitcoin Crash Sends Institutional Investors Running For The Hills As such, significant support forming right above $20,000 has restored some hope in the market that this would be the bottom. So far, this theory has managed to hold as bitcoin has turned back into the green for the first time since the crash began. More importantly, though is the fact that the recovery has not been significant by any measure. The digital asset still remains well below its 20-day moving average, a sign that bears can easily take hold once more. BTC de...