mido-finance.com

The price of Bitcoin (BTC) climbed back to over $19,000 today after dropping $3,000 last week. At press time, Bitcoin (BTC) is trading at around $19,286.

As previously reported, price of BTC had exceeded $19,000 last week—and was heading towards all-time high (ATH) territory—only to drop by $3,000 in a single day on November 26. Current price of BTC is up 6,64%, according to CoinMarketCap.

However, the cryptocurrencies leader started to recover the very next day. Thus, on Friday, a new price rally pushed BTC price back over $17,000. Over the weekend, its price further bounced back to $18,000, boosting alternative coins along the way.

Perhaps one of the factors for such a stark fall in Bitcoin’s price was the “glass ceiling” of its all-time high of $20,000, some experts said last week.

“The all-time high is a major psychological barrier-breaking, it requires real momentum,” Jason Deane, a Bitcoin analyst at Quantum Economics, told Decrypt at the time.

Other analysts suggested that when crypto exchange OKEx’s reopened Bitcoin withdrawals recently, it faced massive outflows as wallet owners swarmed the platform to withdraw their balances. From the outside, investors might have interpreted this as a bad sign.

On the other hand, around $1.3 billion worth of BTC options contracts expired last Friday. Even though events like this happen regularly, it’s hard to predict what effect they can have on the cryptocurrency market.

“Every last week of the month as Bitcoin monthly options expire, we tend to see wild swings in Bitcoin prices and this month is no different,” Bobby Ong, COO of crypto analytics platform CoinGecko said.

Whatever the case may be, it took BTC only a couple of days to get back on track to potentially set a new all-time high. Can price of BTC manage it this current time?