Bitcoin has recovered somewhat since its recent drop into the low $17,000 range. Just yesterday, the currency was trading for slightly over the $17K line, but the asset has since added about $800 to its price and brought itself up out of the gutter. The currency is not where it was during the early portion of the week, though it is beginning to show signs of recovery.
Bitcoin Is Coming Back
These last two months have been huge for bitcoin given how much attention and praise it’s gotten. Things really took off when PayPal decided to give people a chance to purchase bitcoin and other forms of digital currency through its website. They could also buy items and services with crypto. This is what allegedly caused bitcoin to spike from the low $10,000 range to about $13,000 in about a week.
However, this was small beans compared to what would happen only about a month later. Flying high over this news and its partnership with PayPal, bitcoin would potentially grow like it never had before. Given that it had garnered all kinds of new support from institutions and similar firms throughout the year, the asset appeared poised to remain in a bullish state for some time, as it was being powered not by retailers but by family offices, banks and other major companies.
During the month of November, the asset spiked to $19,000, and many industry experts believed that the currency would eventually reach its all-time high of nearly $20,000 before the year was out. The last time the asset rose to this level was at the end of 2017.
For all we know, and end-of-the-year jump towards that figure is still possible. After all, 2020 is not over. We still have December to look forward to. Can the currency prove its resilience once again and show the world that it’s capable of extreme movement within limited timeframes?
Could Recovery Be Right Around the Corner?
For now, we can relish somewhat in the fact that the recent drop appears to be a fluke of sorts. The currency fell back a bit – likely because the rise to $19K happened too fast – and the asset didn’t quite have the strength or the courage to remain above present resistance levels. However, the good news is that this drop has only lasted about a day or two, and the currency is already trying to make its way back to the top of the financial ladder. An $800 spike over a simple 24-hour period is a good move for BTC.
2020 has been a rough year for several reasons, but when it comes to bitcoin and cryptocurrency, the year has been rather kind. The asset is proving itself to be a store of value and has made serious headway in the monetary industry over the past eight months.