Thursday, July 25, 2024

Bitcoin’s price is rejecting at $20K, pointing to a terrible weekly close.

Just a few days back, on the 19th of Kune, Bitcoinade an attempt to get back around $20,000 as support. This happened as the bus saw a red candle of around $7000 per week. The value of BTC is seen to be rising from around $17,592, as seen on Bitstamp. Then, Bitcoin got rejected at around $20,000. Hodlers experienced a week that was grim, in no short part due to trading conditions involving low liquidity.

Bitcoin, despite being the biggest cryptocurrency, fell to levels that have been seen previously in November 2020. BTC did manage to recover some of its losses. This led people to experience deja vu.

Bitcoin and $20,000

Bitcoin saw the figure $20,000 to return, as a form of resistance. This was the highest that Bitcoin had managed to reach within three years. This was the period between December 201u as well as December 2020.

This was also another first for Bitcoin. This was the first time that Bitcoin has needed to retreat during the highest figure of the previous halving cycle. There are some people who panicked but those who are seasoned mainly remained understanding of the price action. Commentator Holger Zschaepitz said that a crash of around 74% is nothing really unusual. He added that there have already been around four collapses that took crypto from the peak to the trough.

There were also signs of pressure from the investors, as a result of the performance of BTC. It was seen that BTC was sold more at a loss. This was during the three days that led up to June 19th.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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