Bitcoin Shows Extreme Volatility as It Records $2,000 Price Swing Under 24 Hours

The past 24 hours have been nothing short of a roller coaster ride for Bitcoin (BTC). The benchmark cryptocurrency was trading at $16,600 yesterday before carrying out what many believed to be a significant rally to the $17,850 area. At that time, this price point became the new year-to-date high. As impressive as this move was, BTC wasn’t done yet.

Just a few hours after the bull run, Bitcoin surged again and hit a new YTD high of around $18,500. This means that the cryptocurrency recorded two consecutive yearly highs under less than 24 hours. At this point, the bears decided it was time to join the ride and soon after caused BTC to drop to the $17,400 area.

What this means is that the primary cryptocurrency grew by about $2,000 from the $16,600 level to $18,500 and then dropped by over $1,000, before cooling down at the upper-$17,000 area. All under 24 hours.

Meanwhile, although BTC is yet to break its December 2017 all-time high of $20,000, its current market capitalization has surpassed that of 2017 ($334 billion), as it topped at $337 billion. This was possible as a result of the additional Bitcoins that came into circulation over the years.

Key BTC Levels to Monitor — November 18

The benchmark cryptocurrency is starting to show signs of a slowdown, at least for the time being, as it takes a break before attempting its $20,000 ATH. That said, it cannot be determined how long this reprieve could last. However, in a case of further declines from its current price ($17,670), we don’t expect the benchmark cryptocurrency to fall beneath our ascending trendline at $17,200.

Meanwhile, our key resistance levels are at $18,000, $18,490, and $18,800. While our key support levels are at $17,000, $16,500, and $16,000.

Total market capital: $494 billion

Bitcoin market capital: $326 billion

Bitcoin dominance: 65.9%

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