Bitcoin Slides Under $20K – Another Collapse In The Offing?

Some parts of the virtual stratosphere are again rife with photos of the Titanic sinking. For those in the know, obviously, that is in reference to what has befallen Bitcoin these days. There was supposed to be a good ounce of jubilation in recent days when the world’s most popular crypto showed signs of renewed vigor and reclaim a price level that would have eased the fears of many but, nope. Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens June Not A Good Month For Bitcoin According to data from Coingecko, Bitcoin fell below $20,000 on Thursday, to $19,112, a drop of 4.5 percent over the previous week. The most popular cryptocurrency fell below $20,000 for the third time in as many weeks, extending the crypto market’s June slump to the very end of the month. The price of Bitcoin has reached a consolidation period and its downward trend appears to have halted following a major shakeout to $17,000. This area is likely to provide substantial support, since it encompasses the 2017 all-time high, and it might trigger a short-term recovery to the $30,000 zone. Multiple variables contribute to Bitcoin’s price fluctuations, and as long as these factors persist, this unpredictability and price variation will persist. Three Arrows Collapse Hit Bitcoin Popular Defi tokens such as Solana and Avalanche fell more than Bitcoin as fears of contagion grew in the wake of the failure of ...