Bitcoin Price Drop Near To Bear Zone - ALERT!

Bitcoin Price Drop Near To Bear Zone - ALERT!

2022-06-23 | Andrew Williams

Bitcoin Price Drop Near To Bear Zone - ALERT!

The price of the leading cryptocurrency, Bitcoin( BTC), hits its first-ever bear, today 18th June as BTC price drops to around $19k support.

Bitcoin Price Drops Below $20k – Market Fear Index

As per CoinMarketCap and TradingView, BTC/USD sliding under $19,500 for the first time since December 2020, reaching to the new lows near $19,006.

As the market fear index heightened after the U.S. Federal Reserve's commentary on the ongoing inflation outlook, crypto requests bore the mass of a sell-off, that started after shock Consumer Price Index( CPI) figures last week.

While dropping the $20k support zone today on 18th June, Bitcoin also achieved a new first - dropping below its former halving cycle's high for the first time in its history.

Bitcoin, till now, had avoided such a move, this being reserved for altcoins, especially Ethereum ( ETH) prior to the week, which has also now slipped below the $1,050 mark for the first time since January 2021.

Replying, observers attributed the rearmost weakness to liquidity problems at investment fund Three Arrows Capital( generally known as 3AC) in addition to being troubles tied to FinTech protocol Celsius and the overall macro terrain.

Three Arrows co-founder Zhu Su said that the establishment was" in the process of communicating with applicable parties and completely committed to working this out," without attesting specific problems.

The sudden drop under $22k came during weekend trading where thin order book liquidity amplified volatility.

Is This The Start Of a Bear Market?

BTC/USD, therefore, sealed 37 losses for the first two weeks of the month, making June 2022 the worst month of June on record, according to data from on-chain monitoring resource Coinglass.

Affiliated' Nothing issue' — MicroStrategy CEO plans to hold Bitcoin' through adversity'

Time- to date, the brace traded down nearly 60 at the time of jotting, over 70 below last November's all-time highs of near to $69k.

As reported earlier, historical-data trends suggest that 80-84.5 is the classic drawdown target for bear requests, putting BTC/USD at a price range of $11k to $14k. read more @ Top Cryptocurrency News

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