Bitcoin Drop Takes Toll On Market Sentiment<\/h2>\n
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.<\/p>\n
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.<\/p>\n
As the price of bitcoin continues to decline, several market observers have expressed fear that sentiment could continue to spiral downward as well.<\/p>\n
<\/p>\n
BTC total market cap at $368 billion on the weekend chart | Source: TradingView.com<\/a><\/pre>\nAs jitters increased following the Federal Reserve’s pronouncement on the inflation outlook, crypto markets suffered the brunt of a major selling that began with last week’s shocking Consumer Price Index (CPI) data.<\/p>\n
Next Bottom At $15,500?<\/h2>\n
Traders now anticipate that the next Bitcoin low might occur at $15,500. The next BTC bottom might be around $19,000 or $15,500, according to Rekt Capital, a cryptocurrency trader, based on the coin’s historical statistics on weekly moving averages.<\/p>\n
The failure of two major cryptocurrency projects, Terra Luna and Celsius, has contributed to Bitcoin’s collapse. Both were intended to be significant ways of promoting the stability of digital money, but they have eroded trust in the technology.<\/p>\n
Suggested Reading |\u00a0Bitcoin At $20K Could Be \u2018New Bottom,\u2019 Commodity Expert Suggests, And Here\u2019s Why<\/a><\/em><\/strong><\/p>\n
Meanwhile, the chief executive officer of Digital Currency Group, Barry Silbert, the CEO\u00a0of Global Macro Investor, Raoul Pal, investor Scott Melker, and others indicated that they are buying the (Bitcoin) dip.<\/p>\n
By declaring in a recent tweet that he is purchasing Bitcoin, Silbert has somehow eased\u00a0the paranoia\u00a0of cryptocurrency bulls.<\/p>\n
The crypto tycoon has echoed the sentiments of MicroStrategy’s CEO Michael Saylor, who recently increased his optimism despite dealing with\u00a0heavy losses.<\/p>\n
Featured image from Forbes, chart from TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"The price of Bitcoin (BTC) is currently trading below the\u00a0$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\u00a0cryptocurrency 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 downward as well. BTC total market cap at $368 billion on the weekend chart | Source: TradingView.com As jitters increased following the Federal Reserve’s pronouncement on the inflation outlook, crypto markets suffered the brunt of a major selling that began with last week’s shocking Consumer Price Index (CPI) data. Next Bottom At $15,500? Traders now anticipate that the next Bitcoin low might occur at $15,500. The next BTC bottom might be around $19,000 or $15,500, according to Rekt Capital, a cryptocurrency trader, based on the coin’s historical statistics on weekly moving averages. The failure of two major cryptocurrency projects, Terra Luna and Celsius, has contributed to Bitcoin’s collapse. Both were intended to be significant ways of promoting the stability of digital money, but they have eroded trust in the technology. Suggested Reading |\u00a0Bitcoin At $20K Could Be \u2018New Bottom,\u2019 Commodity Expert Suggests, And Here\u2019s Why Meanwhile, the chief executive officer of Digital Currency Group, Barry Silbert, the CEO\u00a0of Global Macro Investor, Raoul Pal, investor Scott Melker, and others indicated that they are buying the (Bitcoin) dip. By declaring in a recent tweet that he is purchasing Bitcoin, Silbert has somehow eased\u00a0the paranoia\u00a0of cryptocurrency bulls. The crypto tycoon has echoed the sentiments of MicroStrategy’s CEO Michael Saylor, who recently increased his optimism despite dealing with\u00a0heavy losses. Featured image from Forbes, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":493414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[5687,428,1119,86194,6664,13216],"class_list":["post-493413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bear-market","tag-bitcoin","tag-btc","tag-btc-bottom","tag-crypto","tag-selloff"],"acf":[],"yoast_head":"\n
Bitcoin Breaches $19K Level - Will Selloff Continue? What's The Next Bottom?<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin (BTC) is currently trading below the\u00a0$20,000 mark, reaching a low of $19,147 on Saturday, according to statistics from Coingecko. As\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-breaches-19k-level-will-selloff-continue-whats-the-next-bottom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Breaches $19K Level - Will Selloff Continue? What's The Next Bottom?\" \/>\n<meta property=\"og:description\" content=\"The price of Bitcoin (BTC) is currently trading below the\u00a0$20,000 mark, reaching a low of $19,147 on Saturday, according to statistics from Coingecko. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Breaches $19K Level – Will Selloff Continue? 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