Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities – Recovery Ahead?

Q: How long will it take to read this news story?

The story "Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities – Recovery Ahead?" has 551 words across 85 sentences, which will take approximately 3 - 5 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities – Recovery Ahead?" was covered 12 hours ago by NewsBTC, a news publisher based in United Kingdom.

Q: How trustworthy is 'NewsBTC' news outlet?

NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news. The outlet is headquartered in United Kingdom and publishes an average of 4 news stories per day. It's most recent story was published 9 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #26993789</li><li>URL: https://beamstart.com/news/bitcoin-faces-rejection-at-84000-17419633216814</li></ul>

NewsBTC Logo NewsBTC 12h ago

Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities – Recovery Ahead? - NewsBTC

Quick Summary:

He highlighted that Bitcoin has held its ascending support trendline like in 2017 and 2020, which "shows that the cycle isn’t over yet.” Based on this historical price performance, the analyst considers that the cryptocurrency could retest the $72,000-$74,000 support before a local bottom is in.

To the analyst, a reclaim of $84,000 could propel the price back to the post-election breakout range, and things would "get real interesting.” Ali Martinez pointed out that the biggest supply barrier for Bitcoin sits at the $95,000 range, where 1.2 million investors purchased 726,000 BTC.

Notably, the $84,000 mark served as an important bounce level during the start-of-month price pump and correction, and "reclaiming it will make all the difference for how the rest of the month goes.” Bitcoin has attempted to regain this level in the past 24 hours, climbing to $83,900 on Thursday morning.