Bitcoin Erases Last Week Gains As Price Sinks Below $20,000


according to Queen GekkoThe world’s leading cryptocurrency increased by 3.5% in the last 24 hours. Bitcoin gave up all of its gains from last week as it fell below $20,000. The price of BTC in the market right now is $19,750, and the weekly gains are in the red with a loss of 2.6%.

BTC moved towards a gradual and steady recovery last week. The leading cryptocurrency posted its biggest weekly gain in the previous nine weeks. It increased 12% last week after experiencing its worst quarter in June.

Related reading | Arthur Hayes, ex-CEO of BitMEX, says he’s “prepared” for the massive Bitcoin Rally

The recent declines in BTC have lowered investor confidence. But when the market reached the $22,000 level on July 8 and settled around the $21,000-$20,000 mark, investors began to feel a glimmer of hope as the June 18 crash grew just below $17,600.

However, Bitcoin is still 71.1% below its all-time high, which was recorded on November 10, 2021, or about eight months ago, at $69,044.77. Moreover, it is down 41.8% so far this year, according to CoinGecko statistics.

After crossing the descending resistance line during the trading day on July 7th, Bitcoin experienced a significant trading volume. But now, its turnover, by Numex Statisticsapproximately $46.58 billion, with a loss of 1.62% in the past 24 hours.

On the other hand, Solana, the ninth cryptocurrency, tumbled to $33.35 after losing 5% in the past 24 hours. While Ethereum, the second largest cryptocurrency, suffered a loss of 6.58% and is currently trading at $1,068. Queen Market Cap Statistics.

Bitcoin price
BTC is currently trading below $20,000 on the hourly chart | Sources: BTC/USD price chart from Tradingview.com

Market condition, causing multiple drops for Bitcoin

Although many have speculated that a market bottom may be near, there is still a great deal of economic uncertainty. So Bitcoin may have more room to fall. However, there is nothing to worry about because Bitcoin has seen similar highs and lows in the past years.

With its bleak assets and a price below $10,000 as recently as July 2020, the bitcoin price has seen several significant drops since November. However, his new highs in 2021 and the current level are still notable achievements.

Since the beginning of the year, the cryptocurrency market has been in a downtrend. However, as the market approaches mid-June, the bears seem to be getting stronger.

Related reading | Wall Street Investors Expect Bitcoin to Reach $10,000, Is It Possible?

Starting with the demise of the algorithm stablecoin TerraUSD and its associated token LUNA, a variety of problems have plagued the larger cryptocurrency market in recent weeks.

In addition, macroeconomic problems such as high inflation and upcoming price increases from the US Federal Reserve are affecting the cryptocurrency market.

However, it is not known how long the cryptocurrency’s decline will last. This is because cryptocurrency prices have often risen after big losses, although in some cases, it took some time for prices to hit new highs.

            Featured image from Flickr, chart from Tradingview.com



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