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Bitcoin's price briefly fell below $20,000, and traders warn that the crucial support level may eventually crumble after a series of retests.
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Bitcoin(BTC +1.4 percent), ethereum, and other major cryptocurrencies have recovered from last month's market disaster (that some think could reveal the future tech giants).
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Analysts continue to target $16,000 as a downside target, so investors must have a contingency plan in place.
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The price of Bitcoin and Ethereum both fell by over 8% in the early hours of June 18, putting them below the feared $20k and $1k thresholds.
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On Saturday, the price of bitcoin dipped below $20,000 for the first time since late 2020, signaling that the cryptocurrency selloff is intensifying.
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In my last update in late May, see here, I predicted that Bitcoin (BTC) would fall to as low as $23K +/-1K. The cryptocurrency is currently trading around $21,000.
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Bitcoin's price has fallen to its lowest level since December 2020, while ether is on the verge of plummeting below $1,000 following Monday's unpleasant turn in the crypto market.
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Bitcoin surpassed the crucial $28,500 assist zone against the US Dollar. BTC is down 10% and may even fall below the $25,000 assist zone.
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Friday evening's release of U.S. inflation data is anticipated to send shockwaves through the markets and could bust Bitcoin (BTC) out of its narrow trading range.
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Bitcoin, like the internet and social media, benefits from "network effects," where increased usage boosts value and encourages more take-up.
Bitcoin's price briefly fell below $20,000, and traders warn that the crucial support level may eventually crumble after a series of retests.
