Earlier on December 1, Bitcoin (BTC) reached its all-time high value for the first time since December 2017. The world’s first and largest digital currency in terms of market cap broke above the $19,892 figure on the San Francisco-based digital currency exchange Coinbase and reached nearly $19,900 as per the data from Trading View and Coinbase. However, right after hitting its all-time high value, the leading digital currency crashed all the way down below the $19,000 level within a few hours.
A flat price crash of more than $1500
After facing a flat price crash of more than $2,000 recently, the price value of Bitcoin has rebounded very well over the past two days as it recovered from $16,500 to $19,000 within this duration. Since the start of Tuesday, Bitcoin was trading potentially in the upward direction and was looking all set to break its all-time high value. With its bullish momentum, it was able to reach this milestone.
However, it was only a matter of time before Bitcoin’s price faced a sudden drop. Within the duration of the next two hours, the leading cryptocurrency lost more than $1500 in its price value. It went down below $19,000 once again where it is currently residing at the moment. Bitcoin has now entered the $18,400 – $18,900 range once again. At the time of writing, the top-ranked cryptocurrency is changing hands at around $18,486 with a change rate of -1.06 percent in the last 24 hours.
Bitcoin faces rejection at $20K
When Bitcoin recorded its all-time high value by hitting around $19,900, it was almost there to test the key resistance of $20,000. However, it failed in its first attempt to retest this so-called primary resistance. Bitcoin has faced a harsh rejection at this price level. Traders are now eyeing the $17,000 – $18,000 range in the coming days.
Alongside the price decline of Bitcoin, its market capitalization has also been dropped down. After shedding more than $15 billion within no time, the market capitalization of Bitcoin is standing at around $354 billion, as per CoinMarketCap’s data.
Following the footsteps of Bitcoin, the second-largest cryptocurrency in the world by market cap Ethereum (ETH) also faced a price drop and lost its crucial support level of $600. Ether is now trying at the moment to retrieve this support back.