We are approaching, Bitcoin’s historical record is near, what happens in the exchange market? Are there still some resistances that the currency must overcome before going through this door? Yesterday, on November 25, 2020, Bitcoin’s price was declined at $ 19,500 with relatively high volume in trading. On Binance, the price of BTC reached $ 19,484 before dropping to $ 19,300.
BTC / USDT 4-hour chart (Binance). Source: TradingView.com
Many analysts pinpoint $ 19,500 as the key value and claim that the $ 19,500– $ 19,550 range remains the last wall of selling before a new all-time high.
Recall that, only a few months ago, in March, the price of Bitcoin fell below $ 3,600. Subsequently, it continued to rise, eventually surpassing $ 19,000. The acceleration reached its peak in April and now, quietly, bitcoin is approaching its all-time high.
This is not a mirage, but we remember that, in December 2017, the threshold of 20 thousand dollars was exceeded and that only a few months later the BTC was worth less than 10 thousand, confirming the very strong volatility of this asset.
The last race started about a month ago. On 18 October, the price was still 11 thousand and 500 dollars. Since then, an increase of 72%.
Finally, the news emerged that the ECB (European Central Bank) is preparing a “digital euro”. A new challenge to bitcoin and other cryptocurrencies.
Caution reminds us that there is a lot of speculation around crypto currencies, but it is certain that bitcoin remains an extremely speculative product, even if unable to establish itself as an alternative payment instrument to traditional currency.
This was instead the primary objective of his (or his) mysterious creators. This is why monetary authorities and regulators have so far almost ignored the universe of digital currencies.
The counter-proof is the “libra” experiment of Facebook and other heavyweights of the web and financial markets. When Mark Zuckerberg’s company presented its virtual currency project, the counter-offensive of the true holders of monetary sovereignty immediately started.
Unfortunately, the other great use of digital currencies remains that of illegal transactions that take place on the web. First of all, the payment of “ransoms” to free computer systems affected by viruses.