Bitcoin is just a few hundred dollars away from reclaiming the vaunted $21,000 territory in the face of bear market pressures.
On October 26, Bitcoin peaked at $20,866 as it helped the sector push its total market capitalization to over $1 trillion. The momentum, however, wasn’t enough for the asset to break past the $21K marker.
At press time, according to tracking from Coingecko, the cryptocurrency is trading at a slightly lower price of $20,673 although it is still up by 2% over the past 24 hours and by 7.8% for the past week.
This scenario opens up the possibility of Bitcoin once again falling below the crucial $20K range, falling back into the state it was before the mini rally happened.
But analysts think the maiden crypto is not yet ready to give up its recent gains as bulls are doing their best to prevail over the bears.
Bitcoin Clinches After Minor Price Correction
Jim Wyckoff, a Kitco News analyst, gave a bit of a reassuring suggestion for the Bitcoin community that are starting to worry after the asset declined a bit.
According to him,…