- Bitcoin was able to cling to $30,000 until last week when it dropped to $22,000.
- At the moment, BTC is worth $20,909.98 after a 4.37% drop in price over the last 24 hours.
- If the defense of the $20,000 level is withering, the next level of support for BTC could be $16,000 and $18,000.
Since the start of this week, the market cap of the global cryptocurrency market has dropped by almost $100 billion. Markets are also currently in the “extreme fear” zone, which has led to most cryptocurrency prices once again going into the red, including Bitcoin (BTC).
Bitcoin was able to cling to $30,000 until last week when it dropped to $22,000. At the moment, BTC is worth $20,909.98 after a 4.37% drop in price over the last 24 hours, according to CoinMarketCap. This puts Bitcoin very far below its 200-week moving average of $21,700, which has only happened five times in BTC’s lifetime.
The most recent occurrence of this was when BTC intercepted the 200-weekly average at about $5,450 in March of 2020.
In an interview with CNBC, investor Jeffrey Gundlach expressed his less than encouraging thoughts about BTC. He stated that he would not at all be surprised if BTC fell below $20,000 in the near future. At the moment, BTC is also showing no signs of recovery after it fell below the $20,300 point.
Investors are also making sure to keep an eye on the weekly close as it is very rare to see BTC close below the 200-week mean in one week.
Other investors believe that if the defense of the $20,000 level is withering, the next level of support for BTC could be $16,000 and $18,000.
Over the last week, BTC saw a 30.58% drop in price, and the crypto’s market cap currently stands at $398,267,090,910.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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