Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action
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Bitcoin (BTC) has spent the day oscillating around the $20,000 support level. Bitcoin has now closed below its 200 weekly average for four consecutive weeks. Bitcoin's weekly correlation coefficient continues to remain inversely related to the US Dollar as it hit a 17-month low of -0.77. The overall cryptocurrency market cap now stands at $916 billion and Bitcoin’s dominance rate is 42.5%. The number of Bitcoin addresses accumulating BTC continues to rise as the market looks for a bottom, according to Delphi Digital, who said the number of addresses holding at least one BTC have reached a new all-time high of 877,501. The market will continue to trade sideways for the foreseeable future, Kaleo said. Source