Will the Bitcoin Selloff Continue Now That It Has Reached $19,000? What’s The Next Lowest Point?
According to Coingecko’s statistics, the price of Bitcoin (BTC) is currently trading below $20,000, having hit a low of $19,147 on Saturday. The price of BTC has plummeted below its all-time high of $20,000, as the cryptocurrency market as a whole continues to be hammered, and the market as a whole continues to suffer catastrophic losses. At the time, reaching $19,500 was referred to as a “surge” linked to the possibility of stablecoin regulation in the United States. According to TradingView statistics, the BTC/USD pair dipped below $20,000 for the first time since December 2020, reaching $19,065 at press time. The largest cryptocurrency has lost more than 70% of its value since November.
This week, Bitcoin could make history by closing below the 200-week moving average, which is a very rare occurrence. This occurrence has only been seen five times before. According to recent assessments, Bitcoin’s 200-week moving average is around $21,700. As a result of a market-wide decline, all cryptocurrencies are currently in the red. Bitcoin’s market capitalization had fallen below $1 trillion, to $885 million, at the time of writing. As bitcoin’s price continues to decrease, many market experts are concerned that sentiment could deteriorate as well.
Traders believe that the next Bitcoin bottom will be around $15,500. According to Rekt Capital, a cryptocurrency trader, the next BTC bottom might be around $19,000 or $15,500, based on the coin’s past data on weekly moving averages. Bitcoin’s demise has been aided by the failure of two big cryptocurrency initiatives, Terra Luna and Celsius. Both were meant to be important ways of fostering digital money stability, but they have weakened trust in the technology. Silbert has calmed the worry of cryptocurrency bulls by saying in a recent tweet that he is purchasing Bitcoin. The crypto tycoon has echoed MicroStrategy CEO Michael Saylor’s remarks, who recently upped his optimism despite severe losses.
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