Bitcoin Experiences Slight Correction After Reaching an All-time High

"Yesterday will go down in the history of cryptos, as BTC has exceeded its all-time high and the technical and psychological level of $20,000. Moreover, as it usually happens, the crypto has not only surpassed the round value with a strong pull, but it has also added several thousands more.

Today, Bitcoin has increased by 14% over the past 24 hours and is currently trading at around $22,200. The magic of the number 20 has caused a great commotion in the market, since the crypto is also experiencing an increase in its trading volume, which has surpassed $50B, consolidating this way the increase in the price of the asset.

In addition, we have just received new solid evidence of Bitcoin's ability to overcome the pressure of technical indicators. The greed and fear index for Bitcoin and the largest cryptos has remained unchanged at 92 points during the last day, which corresponds to the 'extreme greed' area. The irony is that the index is almost at its highest level, which should indicate a correction, however, we are seeing exactly the opposite result: the FOMO in the market is very strong at the moment.

It should be noted that exactly three years ago, on December 17, 2017, Bitcoin hit its all-time high. What the new record will be depends on the movements of institutional investors. Now retail investors are coming into the market, however, it would be quite dangerous to open positions as part of a short-term strategy at such high levels."