Hassanbenjamin
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Bitcoin’s price dropped below $20,000 over the weekend, its lowest price since December 2020, following the Federal Reserve’s decision to raise interest rates by 0.75% and a week of falling value. Bitcoin rose back up above $20,000 by Monday, rebounding nearly 6% in 24 hours.
The leading crypto has been trading in a relatively tight range between $19,000 and $22,000 over the last week as crypto and stock markets have struggled to regain any notable upward momentum due to a broader sell-off. Experts also point to the continuous war in Ukraine and inflation hitting a fresh 40-year high for why we’re seeing slumping prices in the stock and crypto markets.The crypto market has been increasingly tracking the stock market lately, which makes it even more intertwined with macroeconomic factors, experts say. Ethereum has followed a similar pattern.And it could get uglier with bitcoin’s price going below $20,000, according to Edward Moya, a senior market analyst at foreign-exchange brokerage Oanda.
Now that bitcoin has dropped below $20,000, “support might not emerge until the $17,000 level,” Moya says. “Another crypto plunge might not see major support until the 2019 summer high around the $14,000 level.”Bitcoin hasn’t been above $50,000 since Dec. 25, 2021. Despite the ups and downs, Bitcoin’s price has seen a nearly 70% drop in value since its all-time high above $68,000 on Nov. 10, set back by surging inflation, lagging recovery in the job market, and the Fed’s ongoing signals that it would begin winding down pandemic measures to support the economy.Bitcoin’s price has been between $19,000 and $22,000 so far this week. Here’s how Bitcoin’s current price compares to its daily high point over the past few months:
One Week Ago (June 13) One Month Ago (May 20) 3 Months Ago (March 20)
$26,767.27 $29,256.81 $41,061.82
Though it has had a slow start to the year, Bitcoin still entered 2022 on a relatively high note, with a strong November and early December that gave way to the recent downward trend. After starting 2021 in the $30,000 range, Bitcoin increased throughout the year and hit its current all-time high when it went over $68,000 on Nov.10 Despite falling back significantly from its latest all-time high price, many experts still expect Bitcoin’s price to rise above $100,000 at some point — describing it as a matter of when, not if. Shortly after Bitcoin’s latest all-time high in November, Ethereum marked its own new all-time high when its price went over $4,850. Ethereum has seen similar volatility following the latest high.
Bitcoin hit its first high of the year in 2021 when it went above $60,000 in April, and the price movement since then highlights the cryptocurrency’s volatility in a time when more and more people are interested in getting in on the action. In the weeks between a July low point that took it below $30,000 and its most recent high point in November, Bitcoin swung wildly up and down. The future of cryptocurrency is sure to include plenty more volatility, and experts say this is all par for the course.
The leading crypto has been trading in a relatively tight range between $19,000 and $22,000 over the last week as crypto and stock markets have struggled to regain any notable upward momentum due to a broader sell-off. Experts also point to the continuous war in Ukraine and inflation hitting a fresh 40-year high for why we’re seeing slumping prices in the stock and crypto markets.The crypto market has been increasingly tracking the stock market lately, which makes it even more intertwined with macroeconomic factors, experts say. Ethereum has followed a similar pattern.And it could get uglier with bitcoin’s price going below $20,000, according to Edward Moya, a senior market analyst at foreign-exchange brokerage Oanda.
Now that bitcoin has dropped below $20,000, “support might not emerge until the $17,000 level,” Moya says. “Another crypto plunge might not see major support until the 2019 summer high around the $14,000 level.”Bitcoin hasn’t been above $50,000 since Dec. 25, 2021. Despite the ups and downs, Bitcoin’s price has seen a nearly 70% drop in value since its all-time high above $68,000 on Nov. 10, set back by surging inflation, lagging recovery in the job market, and the Fed’s ongoing signals that it would begin winding down pandemic measures to support the economy.Bitcoin’s price has been between $19,000 and $22,000 so far this week. Here’s how Bitcoin’s current price compares to its daily high point over the past few months:
One Week Ago (June 13) One Month Ago (May 20) 3 Months Ago (March 20)
$26,767.27 $29,256.81 $41,061.82
Though it has had a slow start to the year, Bitcoin still entered 2022 on a relatively high note, with a strong November and early December that gave way to the recent downward trend. After starting 2021 in the $30,000 range, Bitcoin increased throughout the year and hit its current all-time high when it went over $68,000 on Nov.10 Despite falling back significantly from its latest all-time high price, many experts still expect Bitcoin’s price to rise above $100,000 at some point — describing it as a matter of when, not if. Shortly after Bitcoin’s latest all-time high in November, Ethereum marked its own new all-time high when its price went over $4,850. Ethereum has seen similar volatility following the latest high.
Bitcoin hit its first high of the year in 2021 when it went above $60,000 in April, and the price movement since then highlights the cryptocurrency’s volatility in a time when more and more people are interested in getting in on the action. In the weeks between a July low point that took it below $30,000 and its most recent high point in November, Bitcoin swung wildly up and down. The future of cryptocurrency is sure to include plenty more volatility, and experts say this is all par for the course.
