Bears on the beat: Bitcoin plunged $1,700 after a new attempt to overcome $20,000

Today, bitcoin again tried to update the historical maximum, exceeding $19,900 on some exchanges. But the bears are still strong, and the price of BTC briefly collapsed to $18,200.

The battle between the bulls and bears continues in the cryptocurrency market. On December 1, bitcoin reached a historic high of $19,918, just a fraction of a percent higher than the record of the end of 2017 on the major exchanges. But within minutes, the bears had dealt a heavy blow, compounded by low liquidity after a surge in growth. As a result, bitcoin fell back to $18,200, and within 10-15 minutes the price jumped by hundreds of dollars in seconds in different directions. This was due to the almost empty “glasses” on the stock exchanges.

After that, BTC recovered about half of the losses and is now trading around $19,000, but prices are changing quickly and volatility remains high.

Most altcoins, as usual, followed bitcoin. ETH fell 13% from a high of $635 to $574, and is now trading just below $600, LTC fell 11% from $91 to $81 and recovered
to $88, and BCH lost 12%, but was able to return to $296.

Recall that yesterday bitcoin rebounded
after the first attempt to overcome the historical high, exceeding $19,860. The failure of today’s growth attempt may cool the ardor of the “bulls” and the consolidation before the next movement will be delayed for several days. But it is too early to talk about a change in the trend.