Bitcoin Breaks the $20k barrier | Is Bitcoin Bouncing Back 

Bitcoin Breaks the $20k barrier | Is Bitcoin Bouncing Back 

Bitcoin Breaks the $20k barrier | Is Bitcoin Bouncing Back 

As bitcoin breaks the $20k barrier, the question that riddles the heart of many is "is bitcoin bouncing back, or are we simply seeing another flash in the pan?"

Bitcoin is now worth $22,716.35 at the time of writing. Most individuals are terrified, while others are hopeful and even others are apathetic.

The occurrence of many people losing money as a result of the crypto/bitcoin crash is still vivid in our memories. But will bitcoin recover in 2023? Stay tuned to this blog for a response to your inquiry.

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The story of Bitcoin and the crash

In 2022, Bitcoin underwent one of its most severe falls, with the BTC price falling below $20,000 in June after peaking at $68,000 in 2021.

Bitcoin's monthly losses reached 40% in June 2022, making it the worst month since September 2011. In addition, the cryptocurrency suffered its worst quarterly losses in 11 years.

However, the recent market sell-off does not imply that Bitcoin crashes and bear markets will be limited to 2022. Since the first Bitcoin block, or the genesis block, was mined in January 2009, Bitcoin has seen its fair share of crypto winters.

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What Caused Bitcoin’s Crash?

While we celebrate the fact that bitcoin breaks the $20k barrier, what was the cause of its previous crash?

The fall of FTX, which processed roughly $1 billion in transactions each day, caused the drop in November 2022. Its demise is having an impact on other cryptocurrency exchanges.

Bitcoin fell below $20,000 for the first time since 2020 in June 2022. 

This was spurred by Celsius Network, a large US bitcoin loan firm, freezing withdrawals and transfers due to "severe" weather conditions.

The move exacerbated a drop in the bitcoin market.

China's ongoing crypto crackdown also had a role. There has also been talking that crypto activities in Russia may come to a halt.

Furthermore, there have been abrupt and significant sell-offs of key cryptocurrencies. This has caused fear and more sell-offs as consumer confidence has been shaken.

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Bitcoin Breaks the $20k Barrier

The most well-known digital currency is Bitcoin (BTC), which debuted in 2009. Since then, Bitcoin (BTC) has maintained its position as the digital currency with the highest market capitalization.

Bitcoin (BTC) continues to use a proof-of-work consensus process, and its protocol has not been upgraded to address scaling issues. As a result, Bitcoin (BTC) transaction fees remain rather high, and they are likely to rise more as the network expands.

Bitcoin (BTC) exceeded the $20,000 mark for the first time in over two months on Saturday, the latest sign of the cryptocurrency's (BTC) slow recovery. The cryptocurrency is up 26.4% from its low of $16,496 on January 1.

The price of Bitcoin (BTC) has yet to recover from pre-FTX levels. However, on January 13, it topped $21,095 for the first time since November 8, 2022. Despite the recent strength of the advance, some analysts believe Bitcoin's (BTC) price must remain above the $21,000 support level in order for the current positive trend to continue.

Bitcoin (BTC) is still dealing with issues such as large layoffs of exchange staff in a tighter macroeconomic environment, legal issues with Gemini and Genesis, and the potential of the formation of a U.S. House crypto-focused subcommittee.

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Bitcoin Breaks the $20k barrier, Is Bitcoin Bouncing Back?

Is bitcoin bouncing back? So, let me tell you what I think. There is just too much going on in the bitcoin and blockchain worlds to expect that this minor tick will signal the return of the colossal Bitcoin.

Most likely, this is merely a ruse before bitcoin returns to its suffering state. The notion of it returning to the days of $69k and $70k in 2021 is still a long way off. I am not a crypto pessimist; I simply believe it is too soon to dust our buttocks and believe that the days of bitcoin domination are returning.

Please keep in mind that this is not financial advice. If you want to invest in bitcoin, do your homework and think carefully.


It’s good news that at last bitcoin breaks the $20k barrier, but what happens after now determines whether bitcoin is a crypto to trust or another coin playing with all of our emotions. Stay glued to digiweb developers as we keep bringing you news from all around the globe 

Reference - Bitcoin market selling pressure 


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