Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Will the drama surrounding BTC’s price ever end? Probably not any time soon. This week, Bitcoin fell $800 in a matter of hours to reach lows not seen since May 28. That came after yet another unsuccessful attempt to gain firm support above $10,000. On the same day, the S&P 500 slumped, too, in what was its worst single-day performance since mid-March. The plunge shows BTC’s multi-year resistance level remains a challenge for bulls to overcome. Some analysts believe a major stock correction is imminent, and there are fears this could be calamitous for Bitcoin, with the appetite for high-risk assets declining. Nonetheless, Cointelegraph Research shows that BTC remains the best-performing asset class of 2020 so far. Analyst Michaël van de Poppe says it is crucial for Bitcoin to remain between $9,050 and $9,300, or we could see a protracted retracement toward the mid-$7,000s. But he added: “We should remember that the price of Bitcoin has rallied massively since the March 12 crash. A correction of 25% to 30% is healthy and not unnatural in a market that trends upward.”
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