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DeFi Rebounds While Bitcoin Goes For $17,000 Again

Stefan by Stefan
27/11/2020
in Bitcoin News
Reading Time: 2 mins read
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DeFi rebounds as the coins recovered from yesterday’s bloodbath while Bitcoin prepared for the ,000 price range again.
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Bitcoin recovered a little since the massive price drop a day ago to $16,250 so let’s check up on the latest BTC price analysis in our news.

The total market capitalization recovered as well over $30 billion in one day and after many weeks of smaller increases which led the coin to come short by 3% away from its 2017 all-time high, the number one cryptocurrency failed again. BTC went from trading at a high of $19,500 down to $16,250 in a matter of hours so it means that BTC lost more than $3,000 in less than 24 hours.

btc chart
Source: Tradingview

The cryptocurrency bounced off the intraday low and reclaimed the $17,000 level which means it is still over $2000 below 2020 high. The few possible reasons behind the massive drop are not clear despite the many speculations. Some community members like Mati Greenspan really think that a correction like this is healthy at this stage. Max Keiser on the other hand, said that this is Bitcoin’s Black Friday sale as it allows the users who have missed out on crypto to get in right now.

From a technical perspective, BTC overcame the resistance lines at $17,430 and the $17,620 as well as $18,200 to resume the bull run. The $16,600 and the $15,900 are the most important support levels in case of another pullback. Some of the other alternative coins marked some impressive gains over the past few weeks as well. But, the crash on the market yesterday affected them even more than BTC with the double-digit price drops. Most of the coins are in the red zone as they bounced off the daily lows.

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Cryptocurrency Market Overview. Source Quantify Crypto

Ethereum dropped to $485 but managed to return to $525 while Ripple bottomed at $0.45 and now sits at $0.55. Binance coin dropped by 4%, Litecoin by 7.5%, Bitcoin Cash dropped by 6% and Chainlink dropped by 2.5% and they are still in the red over the past 24 hours. Cardano is among the few coins that gained a little after the 2% increase. SushiSwap led the recovery session with a 30% surge to $1.37, Yearn.Finance increased by 17%, Aave by 18% and Synthetix by 10%. In the meantime, DeFi rebounds, and most coins are making double-digit recovery gains.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin priceBTCbtc pricedefidefi coinsdefi reboundsmarket analysismarket crash
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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