"Psychology, sell pressure keeps bitcoin below $20,000," says CoinDesk. The world's leading cryptocurrency has fully recovered from its 14% beatdown on Thanksgiving, bouncing back from a bottom of $16,684 to an all-time high of $19,900 last week, and setting in a $19,100 at the time of writing. Fueling the bullish sentiment right now is the fast adoption of bitcoin by institutional funds like Guggenheim Funds Trust, with $233 billion in assets, signaling their intention to invest up to $500 million in the Grayscale Bitcoin Trust (GBTC) in 2021. One of BlockRock's Chief Investment Officers, Rick Rieder, said in a CNBC interview this week that "cryptocurrencies are here to stay" and that "bitcoin is more functional than gold." In late July, prices for the gold soared to all-time highs amid concerns over the economic fallout from the pandemic, but institutional funds like Deutsche Bank have since turned bearish on gold — and bullish on bitcoin — as the dollar continues to collapse. The U.S. Dollar Index (DXY) has fallen from its highs of $102.82 in March to a low of $90.64 at the time of writing, a slide of nearly 12% this year. Check out Cointelegraph for tips on how you can monitor trading volume, long-to-short ratios, and other key metrics in the options markets as bitcoin attempts to break the $20,000 mental barrier. Bitcoin opened the year 2017 trading at $960, then spiked to a high of $19,380 by December, then crashed (by anyone's standard) to a low of $7,771 by February 2018. Despite the decline, Bitcoin still ended 2017 at $14,112, up 1,370%. Over 98% of all Bitcoin investors have been profitable, according to Bitcoin.com. The original Bitcoin White Paper was published on Halloween, October 31, 2008, by the mysterious software developer, Satoshi Nakamoto.
Bitcoin recovered from its Thanksgiving scare, now all eyes are on $20,000
"Psychology, sell pressure keeps bitcoin below $20,000," says CoinDesk. Bitcoin has fully recovered from its 14% beatdown on Thanksgiving.
