Bitcoin rebounded above $20,000 while Ether shot over $1,100, after experiencing record lows! Here is what you need to know…
Bitcoin Rebounds Above $20K, Ether Shoots Over $1,100!
After a terrible week, cryptocurrencies are getting a big respite with Bitcoin rebounding above $20,000. and ether shooting over $1,100!
Last Saturday, Bitcoin crashed through the $20,000 line, and smashed right through the $19,000 and $18,000 support lines. It hit a record low of $17,663.80, wiping out 12% of value in less than a day.
The $20,000 mark was psychologically-important because Bitcoin first hit it in December 2020. It was also the peak of its last bull run, when it hit a high of $19,834 in December 2017. Bitcoin had, for the first time, fallen below the peak of its prior bull run.
But it gradually recovered over Sunday, and actually rose above the $20,000 mark at 7 PM. After a short sell-off early Monday morning, it recovered to above $20,000.
Ether had a terrible Saturday too, falling from $1,069.70 to just $903.23 – wiping out 15.6% of its value in less than 24 hours!
But it recovered quickly, breaching $1,000 by Sunday morning, and then the $1,100 mark by Sunday evening.
Like Bitcoin, Ether saw a sell-off on Monday morning, but it recovered again and stayed above $1,100
Bitcoin + Ether Rally May Be Shortlived
Cryptocurrency investors and traders are sure to be relieved by the rally, which kept both Bitcoin and Ether above those psychologically critical $20,000 and $1,000 price levels, even though they had already breached them two days ago.
The rally seems to be fuelled by investors and traders looking to buy cheap coins. Both Bitcoin and Ether were over 70% and over 80% below their all-time highs of $68,990.90 and $4,865.57 respectively.
However, the Bitcoin rally seemed rather weak – it was vacillating around the $20,000 mark, unable to push above $21,000. Ether did better, staying above $1,000 and rising above $1,100 on Sunday and Monday.
It seems likely that this rally will be short-lived, and could be a short respite before a larger sell-off.
As inflation remains red hot, with rapidly rising interest rates amidst recession fears, there is significant pressure to sell risky cryptocurrencies.
Even though both cryptocurrencies are holding steady right now, be prepared for more sell-offs that could trigger a vicious cycle of forced selling and falling prices.
The 2022 Crypto Winter may have been delayed, and spring isn’t coming soon.
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