Bitcoin Climbs Back Above $20K, A Bit Of A Relief To The Sinking Crypto Market
20 June 2022 - 5:45PM
NEWSBTC
Bitcoin reached a new 18-month low of $17.5K on Sunday before
quickly recovering above $20K in the hours that followed, providing
some breather to the heavily stressed out bear market. According to
data from CoinMarketCap, Bitcoin has rebounded by little over 15
percent in the last 24 hours, rising from its new disappointing low
to $20,482 at the time of writing. Bitcoin is currently pushing the
2017 all-time high range of $17K to $20K and is constantly stalking
lower prices, signaling excessive seller pressure. Suggested
Reading | Bitcoin (BTC) Drops Below $18,000 – What Can Stave
Off The Selloff? Bitcoin had declined to $17,677.42 on
Saturday before recovering to $18,290.74. After Tesla CEO Elon
Musk tweeted that he was now purchasing the joke coin Dogecoin, the
most sought-after crypto asset extended its recovery. After saying
on Twitter that he will “continue to support Dogecoin,” the price
of the popular cryptocurrency increased by 8% to $0.058 on Monday.
I will keep supporting Dogecoin — Elon Musk (@elonmusk) June 19,
2022 In response to Musk’s tweet, a user suggested that if he truly
believed in the “joke” coin, he should buy it. To which the
billionaire replied, “I am,” implying that he is purchasing the
drop. By falling below $20,000, BTC has triggered market trends
that analysts say might spark a wave of forced selloffs. Large
investors in both cryptocurrencies would be compelled to close
positions on BTC and ETH derivatives in such a scenario. Bitcoin
and Ether constitute a little more than half of the market
capitalization of cryptocurrencies, which fluctuates often. In
the preceding hour, the entire cryptocurrency market grew by 3.7%
to $972 billion. BTC total market cap at $381 billion on the daily
chart | Source: TradingView.com Bitcoin has lost 30% of its value
while Ether has dropped 31% during the previous week. Bitcoin is
down 72 percent from its all-time high of $69,044.77 established on
November 10, while Ether is down 78 percent from its all-time high
of $4.878.26 set on the same day. International fixed income chief
Andrew Brenner of National Alliance Securities said Monday that
retail investors acquiring bitcoin over the weekend, when few
professional traders are active, was likely what
caused Bitcoin to regain some spark. Bitcoin has
momentarily paused a selloff that, according to some market
analysts, could push the world’s top cryptocurrency as low as
$13,800 in the current bear market by inching up to levels above
$20,000. Suggested Reading | Ether Drops Below $1K, Dragged
Down By BTC Slide – What’s The Next ETH Support? Featured image
from TDK Corporation, chart from TradingView.com
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