Satoshi Nakamoto's asset jump to its latest all-time high of 2020 record, $ 24,200 did not last long when a correction occurred yesterday causing the price of Bitcoin (BTC) to drop by 6% as the greenback rises.
It is possible that the decline is driven by rumors of a new variant of COVID-19, causing more restrictions between countries to affect the market as early as March.
At the same time, Ledger's crypto wallet that was hacked yesterday involving 270,000 personal information of users such as emails, phone numbers and home addresses was revealed on RaidForums, the online marketplace for hacked businesses and information sharing.
Based on the 4-hour chart, BTC showed a decline from $ 24,000 to Monday's record low, $ 22,000.
If there is a rejection at $ 23,400 to $ 23,600, there is a possibility that some levels will be tested as support. However if BTC manages to cross the zone, perhaps this expensive asset will create the latest record again.
As for the daily chart, the latest low is at $ 17,500, meaning the price of Bitcoin needs to stay above this level to stay afloat. However, based on the weekly chart, depreciation of up to $ 12,000 remains potential for the asset to soar.
Also, the correction will probably be bigger than usual, 20% to 40% bull market correction.
The total market capitalization with a correction at $ 550 will put Bitcoin in the $ 18,500 area, benefiting altcoins by early 2021 if the Bitcoin price stays above $ 18,500.
