Bitcoin’s price drops below $16,000: Correction or preparing for its next “big” jump?
Bitcoin dropped again below $16,000 after reaching its new 2020 high at $16,460.
On Saturday, the king of cryptos touched the $15,750 mark and currently, is struggling to keep the price at $16,000. Analysts consider this as a small “break” for the primary cryptocurrency as it is on a nonstop rally since November 1st. During these 14 days (at the time of writing) Bitcoin gained more than $2,000 starting from $13,500 to its peak at $16,460.
Of course, a price “drop” doesn’t always mean that it’s bad for the market, as it gives the opportunity to “crypto” investors to buy cheaper and accumulate more. Not only that, but also price correction is an important thing that needs to happen after a long rally.
Even if the primary cryptocurrecncy lost $600 today, immediately recovered and showed resilience at $15,980. The next thing to see is, if Bitcoin is going to do another plunge or preparing for its next “bullish” rally.
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