Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom?

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. Suggested Reading | The Sandbox (SAND) Blows Up 20% After Collab With Major Entertainment Firm 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 downwa...