The cryptocurrency market had to deal with a week of loses. This is even as Bitcoin starts this week off at $20,000. What many people thought would never happen, has finally become a reality. From 2017 to 2020, BTC was at its highest ever. Now, investors are experiencing deja vu.
Price of Bitcoin
Over the last weekend, Bitcoin dropped to as low as $17,600. The Wall Street is set to open of 20th June, and tensions regarding how this could affect the crypto market is high. The losses related to BTC aren’t now to the coin. The price of BTC has been lower. But concerns have started to mount when it comes to network stability at the levels that are current. A lot of attention is being paid to crypto miner as well.
Bitcoin On The Weekly Chart
There is also an opinion that the micro markets have not yet bottomed. This helps explain what makes the sentiment surrounding Bitcoin and cryptocurrency so tense. How Bitcoin closed last week wasn’t its worst. BTC managed to keep a support level at least when it came to the timeframes that are weekly.
Over the course of the night, BTC rose to around $20,629. This was on Bitstamp. After this, the price again dropped to around the $200,000 mark. There are people who are saying that a snap recovery is possible. However, Commentators are trying to maintain a mood of optimism through this.