The price of bitcoin crashed at $19K.
The price of bitcoin crashed at $19K.
Bitcoin's previous multi-year resistance has reappeared with fury, making it seem like 2018 all over again.
On June 19, bulls encountered a $7,000 weekly red candle as they tried to recapture $20,000 as support.
$16,000 is being viewed as a promising next step.
BTC/USD rose from lows of $17,592 on the Coingabbar chart until being strongly refused at $20,000, according to the analysis of Coingabbar.
Holders had a bad weekend as the leading cryptocurrency dropped to levels it hasn't seen since November 2020 due to low liquidity trading circumstances.
$20,000 had resurfaced as a barrier, having previously served as an All-time high for Bitcoin from December 2017 to December 2020.
On this situation Charles Edwards shared his views he said, Bitcoin is trading below prior cycle highs for the first time. I believe it is fair to say that things have changed.
While others panicked, experienced market participants remained largely aware of current price behavior, which continued to follow previous bear market trends.
"To keep things in context, a Bitcoin drop of 74% right now is nothing out of the ordinary," noted markets commentator Holger Zschaepitz.
In terms of what may lie ahead, $17,000 has been identified as a possible short-term aim. As prominent Twitter user Accurate Crypto pointed out, a short squeeze higher was not on the cards.
Rekt Capital, a fellow trader and analyst, stated that Bitcoin's 200-week moving average (MA), a critical support line in weak markets, was still operational.
Sellers are selling coins at a historic loss.
The week's red candle, though, was set to be one of the largest in Bitcoin's history in dollar terms, at roughly $7,000.
According to the data from Coingabbar, more BTC was sold at a loss in the three days leading up to June 19 than at any previous time, indicating investor pressure stemming from spot price performance.
Bitcoin miners' economic health was also a source of concern. However, not everyone thought that multiple users were feeling the heat to the point of submission.
