Bitcoin Fails To Establish Significant Demand, Why Price Could Fall To $20K

Bitcoin lost its footing above $40,000 once more over the weekend and has been on a downward trend since. This is not a shocking move given that the last two moves into the $40-$44K range had ended the same way. However, this third time has come with a much lower momentum, raising concerns regarding the ability of the digital asset to establish any semblance of support below this level. No Demand Established A fall below $40K shortly after breaching it is not unheard of in the history of bitcoin. In fact, given the highly volatile nature of the digital asset, moves like these are expected to occur at intervals. It is one of the characteristics that makes bitcoin such an attractive investment option. However, with the cryptocurrency coming out of a bullish year, moves like these can be important to establish if the digital asset has indeed landed in bear territory. Related Reading | Yearn Finance (YFI) Down 13% Following Andre Conje’s Exit One of the things that characterize the beginning stages of any bull rally has always been the demand. This comes when investors begin absorbing the available supply on exchanges, leaving less volume for other investors to purchase. Once demand rises above supply, then another rally, or at least a recovery, can begin. Bitcoin has however failed to establish any type of significant demand following this decline though. This lack of demand moment through one of the highest areas of liquidi...