The price of Bitcoin (BTC) is currently trading below the $20,000 mark, reaching a low of $19,147 on Saturday, according to statistics from Coingecko.
As the whole cryptocurrency market continues to be pummeled, the price of BTC has fallen below its 2017 all-time high of $20,000, and the market as a whole continues to suffer severe losses. At the time, reaching $19,500 was referred to as a “surge” associated with potential U.S. regulation of stablecoins.
The BTC/USD pair fell below $20,000 for the first time since December 2020, reaching $19,065 at press time, according to TradingView data.
Since November, the biggest cryptocurrency has lost more than 70 percent of its value.
Bitcoin Drop Takes Toll On Market Sentiment
Bitcoin could make history this week by closing below the 200-week moving average, a rare occurrence. This phenomenon has only been observed five times in the past. Recent calculations indicate that Bitcoin’s 200-week moving average is approximately $21,700.
All cryptocurrencies are currently in the red as a result of a market-wide downturn. At the time of writing, Bitcoin’s market value has fallen further below the $1 trillion threshold, at $885 million.
As the price of bitcoin continues to decline, several market observers have expressed fear that sentiment could continue to spiral downward as well.
Source: Crypto News