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Bitcoin showing some signs of heat exhaustion today

18 Dec, 2020

Yesterday the dynamic and impressive gains for Bitcoin continued unabated. The price rose to as high as 23,720. That high was of course another record for the lead cryptocurrency. The failure to make it above that level was defined by a double top at 23,712 and then 23,720. That set up effectively put paid to any further upside yesterday and it duly backed down into the wider US market close. Today it has rather struggled to reclaim upside momentum, but without backing away much either. A slight series of mini lower highs might indicate that Bitcoin is suffering a little bit, from what can only be described at heat exhaustion, for want of a better expression. Naturally, it would be daft to try and call a longer term top at these levels, even if they are meteoric. The trend is very much intact, but as we know; that does not preclude the odd rapid sell off now and again. Bitcoin is currently trading at 22,860

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