Bitcoin (BTC) Fell Below the $20000 , and the Crypto Market Continued to be in Trouble

Written by C, Fiona

Last updated: 2022-06-20

Why Trust BTCC

BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

Bitcoin prices have continued to crack under the heavy pressure of the downturn in the broader cryptocurrency market for several weeks. On Saturday, the price of bitcoin (BTC) plunged further, falling as low as $19052. Although bitcoin has recovered a little, as of the press time, according to the data of coinmarketcap, this leading cryptocurrency is still trading at US $19376.

What did the Analyst Say?

BTC prices have continued to burst under the heavy pressure of the downturn in the broader cryptocurrency market for several weeks. However, although the market situation has brought liquidation concerns to several cryptocurrency giants, some analysts believe that now is the best opportunity to “buy or sell”.

As cryptocurrency analyst will Clement confirmed, bitcoin is certainly oversold at the current level. In addition, it is currently trading below the 200 week moving average (WMA), as it did in march2020. This was during a similar liquidity crisis. More importantly, for the first time since that time, bitcoin has been at the lowest production cost.

Similarly, rekt capital also suggested that bitcoin’s monthly relative strength index (RSI) may be ready to form the first bottom. And it can be expected that this will lead to a bullish divergence from the current price level.

Investors Seize the Opportunity to Buy Bitcoin

It is worth noting that some investors are already taking advantage of this decline. For example, Barry Silbert, CEO of DCG, tweeted that he intended to buy. He wrote: “I feel that we have encountered the greatest pain and uncertainty in the cryptocurrency market. We buy BTC here. Let’s go!”

Raoul pal, CEO of global macro investors, and Scott melker (the wolf of all streets) also confirmed this. And it looks like a long list of other people will follow. In an interview with reporters, bitcoin (BTC) has fallen by more than 8% in the past 24 hours, and the transaction price is $19366. Maybe the bottom has come, maybe not. Only the future can tell us. However, as Peter Brandt predicted earlier, BTC may be as low as US $13K before the long-awaited bull market runs.