Amid the recent exacerbation of volatility, Bitcoin approached $15,800, but then quickly fell to $14,500 on some trading platforms.
After that, the cryptocurrency was able to partially recoup and again exceeded $15,000. At this level, volatility again weakened, and the maximum that the coin could do was to rise in price to $15,300.
Miners were one of the players who provoked increased pressure on BTC. They took part in the latest cryptocurrency sell-off, as reported by analysts from the CryptoQuant team.
After the recent encouraging rally, the BTC market is expected to take a short breath before continuing its bullish rise at the end of the year, many analysts claim.
“BTC will likely consolidate for a while before climbing further into Christmas,” noted Chris Thomas, who is managing the digital assets at Swissquote Bank.
Moreover, the subsequent aggravation of volatility will lead to a rollback of Bitcoin. At lows, it will be able to gather strength and only then move to growth.
All things taken into account; Bitcoin is likely to maintain its generally upward trajectory. “We expect the market to establish a price above $20,000 sometime in 2021, gathering strength yet again, before the next big price spike into the $30,000-$40,000 range”, stated Joel Kruger, an analyst at LMAX Digital.
