Bitcoin's price crash continues as the world's largest cryptocurrency landed under the $20,000 mark recently. The bear market is persisting and hitting all the cryptos in a mass decline.

Bitcoin Drops Below $20,000

Bitcoin Hits Under $20K as Crypto Market Pressure Continues
(Photo : Michael Förtsch from Unsplash)
The world's most popular cryptocurrency has officially hit a trading price below $20,000 this week.

Amid the ongoing pressure in the crypto space, many investors are growing worried about their assets. There's nothing to gain and so much to lose for people allocating a portion of their money to cryptocurrencies.

According to a recent report by Bloomberg, Bitcoin has suffered from a sharp drop of 1.8% following the bearish trend in the market. The trading price of BTC hit $19,991 for the first time in nearly a week. If you want to know the latest about bitcoin, you can check here at Bitcoin Pro

The 100 tokens that belong to the top list have also dropped due to the downtrend based on the MVIS CryptoCompare Digital Assets 100 index.

"Most short-term technicals point to an above-average chance of a final 'washout'-style decline before this bottoms," Fundstrat technical strategist Mark Newton said on Tuesday, June 28.

Newton added that BTC has the potential to reach a trading price of $12,000 to $13,000 if the bearish cycle continues. Additionally, he surmised that this could help "intermediate-term buyers" to put the additional assets to "longs."

Two weeks ago, Bitcoin's value further plunged to $17,560. Many investors expected this cryptocurrency would rebound from the pit, but it did not happen.

Crypto Platforms Are Suspending Operations

At the time, crypto lending firm Celsius Network decided to temporarily suspend all the account withdrawals and transfers because of the "extreme market conditions."

Likewise, another crypto platform CoinFLEX has come up with the same idea. Per Tech Times' previous story, this digital exchange has paused the withdrawals for its customers because of the falling prices of the tokens.

Oanda's senior market analyst Craig Erlam acknowledged that some cryptos tend to hang on the corner because their prices are still not declining.

However, Erlam said that they might not last long since, in the following weeks, their trading power might decrease. At that time, Bitcoin might have fallen further down the line.

Related article: Binance CEO Believes Bitcoin Will Stay Below $69,000 in the Next Two Years

Largest Capital Outflow Event in History

In another story from Bitcoin.com, Glassnode Insights says that 2022 has been a challenging year of the bearish trend in the history of cryptocurrencies.

The report suggests that Bitcoin is currently sitting on its worst record following its price slip under 200 DMA (day moving average).

According to the data provider, the bear market kicks off when trading prices hit below 200 DMA. On the other hand, when they hit over 200 DMA, it's counted as a bull market.

Since Bitcoin is a very famous digital coin among investors, the magnitude of the impact has been heavily felt by the investors over time.

Read Also: First Resto to Accept Crypto Reverts Back to Fiat

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Written by Joseph Henry 

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