Bitcoin is hovering near the 20,400.00 mark as of this writing, but it has just spent the past few days struggling to sustain value over the 20,000.00 mark. Having touched a level of nearly 25,185.00 on the 15th of August, BTC/USD has suffered an incremental decline in value again, which has brought it to within sight of support levels which may be considered important by technical traders. Regarding speculators who believe behavioral sentiment is the most important part of the recipe, the 20,000.00 support ratio may be even more crucial.
Inability to Sustain 25,000.00 and Ensuing Decline a Reminder for BTC/USD Traders
As the month of August began for BTC/USD optimism was starting to seep into the mindset of some traders perhaps. The world’s most famous cryptocurrency had just toyed with the 24,000.00 mark at the end of July and started August comfortably above 23,000.00. The sun was starting to create romantic whispers of a renewed rally among influencers. The first two weeks of August had strong support and incrementally the value of BTC/USD managed to climb. Resistance levels appeared rather vulnerable.
From the 11th until the 15th when BTC/USD began to flirt with the 25,000.00 it was often pushed back, and when the price of Bitcoin did manage to penetrate the 25,000.00 with sustainable action for a day optimists may have become buyers. Yet the inability of BTC/USD to hold the 25,000.00 beyond the 14th and 15th proved important in a negative way too. By the end of the 15th BTC/USD was suddenly trading near 23,880.00. On the 16th and 17th Bitcoin did manage to climb above the 24,000.00 mark again, but then strong selling erupted and on the 18th BTC/USD was suddenly below 23,000.00.