52 days ago the world was ecstatic. Bitcoin was at all time highs and party favors popping off everywhere. Then.....the next day, THE ALL-TIME-HIGH!!! $19,666.00 and after that prices fell, and fell. First $11,159.93 with a bounce to $17,234.99 and since that day on January 6th it's been a freefall just like that gif above.
We had price reach the low of $5,921.00 today. Are we finished falling already?!
If You've been following this market then you'd know that Bitcoin had hit a market turn point on November 12th at $5,555.00 before ascending to $19,666.00. Some say today's low meant Bitcoin was down 69.89%. I would say that Bitcoin took back 97.41% of the gains between November 12 and the ATH. However, the important thing to pay attention to is volume.
Today's volume hasn't occurred like this since September 15th, when Bitcoin made the low of $2,972.01. This is encouraging. It reminds me of Newton's First Law of Motion - "an object in motion stays in motion with the same speed and in the same direction unless acted upon by an unbalanced force." I see that today's volume could be that "force" that changes the direction of Bitcoin. To answer my own question, "I do believe Bitcoin has quit falling". If not but for a short time.
The opinions above are those of the Author and do not constitute investment or trading advice.
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