Bitcoin Rally Falters as Price Drops Below $16K

The cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.

AccessTimeIconNov 14, 2020 at 10:24 a.m. UTC
Updated Sep 14, 2021 at 10:30 a.m. UTC

Bitcoin's price quickly dropped below $16,000 Saturday morning, putting the rapid rally seen in recent weeks on pause.

  • Around 10:00 UTC, the cryptocurrency dropped as low as $15,750, having hit highs over $16,300 in the Asian trading hours.
  • As reported earlier this week, analysts had been expecting bitcoin to move into consolidation for a time, and possible to see a pullback.
  • That's because the rally from $9,800 to over $16,000 over the past two months looked overstretched on the technical charts.
  • They anticipated, however, that the run toward bitcoin's record high of around $20,000 would pick up the pace again, likely in December.
  • The bitcoin options market is also extremely bullish longer term, as data showed Thursday that net demand for call options (bullish bets) was outstripping net demand for puts (bearish bets) by the highest level on record.
  • At press time, bitcoin prices had risen slightly to $15,860, down 2.87% over 24 hours.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Bank of England Committee Calls for Enhanced Crypto Regulation to Limit Contagion

The loss $2 trillion of crypto market cap over a period of months has “underscored the need for enhanced regulation,” the Bank of England’s Financial Policy Committee said.

CoinDesk - Unknown
2
CoinDesk - Unknown
Nexo Signs Term Sheet With Vauld for Potential Acquisition

Nexo said it has a 60-day exclusive due diligence period in which to decide if it will acquire up to 100% of Singapore-based Vauld.

CoinDesk - Unknown
3
CoinDesk - Unknown
UK Government Seeks Views on DeFi Taxation

Those wishing to submit evidence have until Aug. 31 to do so.

CoinDesk - Unknown
4
CoinDesk - Unknown
Former JPMorgan Banker Samir Shah Becomes COO at Pantera Capital

Shah joins Pantera after 12 years at JPMorgan spanning roles in sales, strategy and digital.

CoinDesk - Unknown